What are the advantages and disadvantages of command economy?

Answer by  primatefreak (1616)

The advantages of command economy are income equality, sense of community within economy, easier to implement new technology.Also the government is able to make rapid changes when major problems arise. Disadvantages are no competition, lack of freedom, lack of personal gain, usually a lower standard of living compared to market economy. Also, little focus on consumer wants.

Answer by  Mackrel (64)

Pro: Allows for the quick focus of enormous resources on a crisis (such as war). Con: Inefficiently allocates resources compared to a market economy, leading to lower levels of growth.

Answer by  funnyman (5)

The advantages would be that government could clean up after itself and move back on the right path, disadvantage; we have an inefficient government.

Answer by  bonjovilover (185)

The main disadvantage of a command economy is the lack of a free market, which means less innovation, and competition, there is no real incentive to do well, or make a great product. The main advantage is that there is generally no inflation due to prices being controlled, as well as no shortages on goods.