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| In a '''command economy''', the government determines production levels and sets prices. This is said to be advantageous because it prevents unscrupulous investors from taking advantage of the people. It is also criticized - chiefly by ] advocates such as ] - on the grounds that centralized planning has always been ineffective because it ignores the ]. | In a '''command economy''', the government determines production levels and sets prices. This is said to be advantageous because it prevents unscrupulous investors from taking advantage of the people. It is also criticized - chiefly by ] advocates such as ] - on the grounds that centralized planning has always been ineffective because it ignores the ]. Cited from the diploma of Erzsébet Fegyver. | ||
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Revision as of 22:12, 3 November 2005
In a command economy, the government determines production levels and sets prices. This is said to be advantageous because it prevents unscrupulous investors from taking advantage of the people. It is also criticized - chiefly by free market advocates such as Milton Friedman - on the grounds that centralized planning has always been ineffective because it ignores the price signal. Cited from the diploma of Erzsébet Fegyver.
See: