What are the disadvanteges and advantages of a command economy and a market economy?

[gls_merch]

The basic distinction is that a market economy allows individuals to make all the decisions about the factors of production (what to make, how to make, how much to make, what to charge). A planned economy has a central body that makes decisions.

A market economy is driven by supply and demand to efficiently allocate resources. This leads to better decision-making. It allows individuals to succeed or fail as economics dictate. I firmly believe there are NO advantages to a planned economy. Central planning is slow to make decisions and even slower to adjust to changes. This leads to much inefficiency and waste. Without the profit motive, it also kills innovation. The usual textbook answer about the the "advantages" usually points to Marxist ideals about balancing social inequality, wealth, and other such gobbledygook. Which of course is garbage.