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If the economy were run as Libertarians propose, people would be at liberty to conduct business at will, with the market keeping quality and safety under control. There is some merit to the argument, but there are presumptions made that history has shown us do not work as Libertarians might argue.
To quell accusations of bias from the onset, I tend to vote Libertarian. The Libertarian platform, overall, tends to reflect my beliefs closer than other party platforms. However, nothing is perfect, not even the Libertarian party - especially with regard to its economics ideals.
David Ricardo theorized that economies of two countries benefit if each focuses on prime products, and trades that which it produces for that which it does not produce with the other country. It makes sense, and might even work, if not for human factors. Later in the 19th century, Karl Marx would describe a utopia economy known as communism. It also makes sense, and might even work, if not for human factors. The problem with economic theories that result in utopia as a conclusion is the presumption that humans will live on a 'conscience level,' instead of a 'conscious level,' if there were plenty for all.
History tells us otherwise.
Ricardo's theory included benefit for all through gained wealth for the economy. When put into play, however, the result is more often increased profits for companies, with little benefit to society as a whole. Marx's theory included everyone producing to capability, and consuming to need, with the surplus retained as community wealth. What happens, though, is the expectation to consume continues long after the incentive to produce has waned. Both theories intended for all of society to benefit; both result in wide chasms between few with wealth and power, and the masses left needy and neglected.
We are an evolved society, but we are still a society of humans with natures. We are also capable of intellectual thought, though the natures of sloth (apathy) and vanity (popularity) tend to do away with individual intellect, at least with regard to critical examination of ideas. We fall prey to marketing campaigns that are not truthful, and we tend to accept the entirety of one philosophy or another.
There is merit to elimination of black markets. Though there are consequential problems, the problems are more manageable when controlled. For example, we still have societal problems with alcohol; however, the problems are not gun battles over turf for
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