So yeah maybe this dudes system would work. But *only* if he can measure *everything*.
The dangerous part here is that those attempting to implement such collectivist-oriented, central-planning type systems know this and opt instead to take the easier option to institute control/regulation where they cannot measure, and eliminate/ban/outlaw where they can neither measure nor control/regulate. The failure is that the measurement/control/regulation they seek to implement can never become perfect enough on large scales except to create tyranny, and the attempts become increasingly harmful and counterproductive until the system breaks down and/or revolution replaces it. You cannot have a successful system that runs counter to and/or ignores basic human nature...or requires it's elimination.
What Capitalism attempts to do is simply set up a common framework to allow peaceful, law-abiding people to do what they do and have always done normally anyways (trade goods/services, buy/sell land/property, make investments/contracts, etc) on a relatively even playing field as far as pragmatically and realistically possible.
Although no system is perfect, Capitalism has successfully raised more impoverished people out of poverty over the last ~250 years and consequently empowered them with more control over their lives, than any other system yet tried...by orders of magnitude...while simultaneously driving science and technology ahead at an amazing pace, from Kitty Hawk to Apollo 11 in under 100 years.