only planned economies face the central problems not the free economies?
Planned economy is based on economic planning of resources ,in other words to efficiently and effectively use the available resources and benefit the households(entrepreneur, labour,landlords,capitalist) in a justified manner. In such an economy government or some organization interfere for socio-economic development.
In free Economy no government or regulatory institution is there to control the use of resources. Such situations is mainly parasited with capitalist( rich businessman) who use the country's resources for personal interest and fulfill their greed.
In free Economy no government or regulatory institution is there to control the use of resources. Such situations is mainly parasited with capitalist( rich businessman) who use the country's resources for personal interest and fulfill their greed.