I would argue that it is worth it to allow capital to rush to innovative areas as need be. They can have devestating effects at times, I agree. However, after the Great Depression a number of economic buffers and safety nets have been implimented. I don't know whether we could create the same type of effect in today's economy with the burst of a bubble. (however, this credit bubble will definitely challenge that assertion at some point)
I understand what you are saying, but people really need to be able to make their own decisions and fail from them. The implimentation of controls on monetary growth would have very far reaching applications. The stock markets would need to be capped in how far they could advance in any given day. We would see the return of line-ups for any type of product or service that was in high demand. And, if those were commodities, it would create spin-offs to a multitude of products and services.
The only real positive I could draw from monetary controls like this is it would force unprofitable companies out of business sooner, as there would be a much greater need for that capital. It would return the focus to a return on invested capital, so the idea is not all bad. But, it still puts a cap on economic growth, and could become very inflationary.
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