The argument against planned obsolescence is not an economic one but rather one against the immense waste it creates. The so-called "fast fashion" model now employed by H & M and other clothing retailers also falls into this model and it's an established business model in many other spaces as well.

If you create products that need to be thrown out and bought again cyclically, you create a much higher volume of sales. The problem with this is that our current recycling capacity is not able to handle the excess in resultant waste products.