Definition of Centrally planned economy
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Centrally planned economy Definition from Social Science Dictionaries & Glossaries
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Centrally planned economy Definition from Encyclopedia Dictionaries & Glossaries
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A planned economy is an economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority, usually by a public body such as a government agency. Although a planned economy may be based on either centralized or decentralized forms of economic planning, it usually refers to a centrally planned economy. Central planning aims to improve productivity and coordination by enabling planners to take advantage of better information achieved through the consolidation of economic resources when making decisions regarding investment and the allocation of economic inputs.
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