A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning.Alec Nove (1987). "Planned Economy". The New Palgrave: A Dictionary of Economics. vol. 3. p. 879. The level of centralization or decentralization in decision-making and participation depends on the specific type of planning mechanism employed.
A planned economy is a type of economic system where investment production and the allocation of capital goods takes place according to economy-wide economic plans and production plans A planned economy may use centralized decentralized participatory or Soviet-type forms of economic planningAlec Nove (1987) "Planned Economy" The New Palgrave A Dictionary of Economics vol 3 p 879 The level of centralization or decentralization in decision-making and participation depends on the specific type of planning mechanism employed