Command economy essays

Command economy essays The Command Economy is a system in which workers are motivated to contribute to The community interest rather than working to promote self-interest. It is a system where Government mostly decides what and how much to produce how it will be produced, and who will get them. That is by public ownership of all property resources and economic decision making process through centrally planned economy. For example, all major decisions concerning the level of resource use, the distribution of output and income, and the organization of output are directed and determined by the central planning board of the government. Incentives under this system tend to yield in an inefficient use of resources. In the command Economy Decisions are made about what to produce, Where to produce it, who produces it, who will be eligible to purchase it, how much and How to produce and what to charge. Working toward a common goal, in theory the job is adapted to fit the needs of the worker. State ownership of all property allows for control of resources including human labor. Central ownership will maximize the collective good use of that land. Where private ownership is allowed it is restricted and secondary to the common land. A group of economic experts study the economy and recommends production needs and targets to the governing body. Production and supposedly consumption are to planned for far into the future. Certain sectors of the economy can be allowed to suffer in order that a nation may make planned advance in other areas. All of this Means Strong control of the economy Individual wishes are secondary the best interests of society are of principle importance. The countries which follow command economy also known as socialism are Vietnam, Cuba and North Korea. What is produced and what each person does is based on the activity within the market. Buyers and sellers decide for themselves what goods and services will be produced. Individuals decid ...