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What is the difference between planned and un-planned economy?
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Answer Posted / Jugal Kishor
A planned economy is one in which the government plays a significant role in determining the production, distribution, and allocation of resources. In a planned economy, the government sets production targets, regulates prices, and controls trade and investment. An un-planned economy, on the other hand, relies primarily on market forces to determine the production, distribution, and allocation of resources. In an un-planned economy, there is little or no government intervention in economic affairs, and prices and wages are determined by supply and demand in the free market. Examples of planned economies include the former Soviet Union and North Korea, while examples of un-planned economies include the United States and the United Kingdom.
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