What is good and bad side of the command economic system?
Good side includes: 1-Higher equality in distribution of income and wealth. 2-Essential goods and services will be provided within the society for eg.education and health care. 3-The government is a decision maker.It can decide which goods should be produced and avoid the production of less desirable goods for eg.nuclear weapons. 4-It provides the minimum standard of living for all citizens. The bad side includes the following: 1-Less diversity regarding consumer choice.This is because consumers have little say in what the government provides. 2-Loss of individual freedom. 3-Lack of competition would lead to less allocative and productive effeciency. 4-Subsidies on essential goods and services leads to shortage.This is why queuing is common in comman economies.
