Is it sometimes it is worth it to “buy” your way out of a contract? What are the impacts on the other party in the contract and on the economy in general?

Yes, it can be worth it (to you) to buy your way out of a contract. If you can breach the contract, pay damages, and pay the additional legal costs stemming from the breach, and still make a profit, then it’s worth it. But the other party may have sudden unexpected costs on their end. The cost of replacing what you did not provide, the legal costs when bringing a lawsuit against you, and the lost time and opportunity of pursuing other activities.

I’m not sure how I should answer the question about the effect on the economy. If an efficient breach can occur and at least one party benefits (and no one is affected negatively) then it’s an economic win. But what if an efficient breach happens in a futures contract for a farm product, but it leads to higher prices overall for consumers of the product? What if that happens in some niche product, like… truffles.