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In planned economy (command economy) an economic system in which government or worker councils manages the country economy. Government control the manufacturing and distributing of income. The planners decide what to be produced and direct the enterprise to produce those good they have decided. Countries which are having planned economy system, the country is mostly fall in the not variable country. Businessman would not want to invest or moved over there and live. Planned economy still exists in Myanmar.

Advantages of Planned Economy:
• Stability.
Countries would not suffer from bust business cycle. Under a planned economy, neither unemployment nor idle production facilities should exist beyond minimal levels, and the economy should develop in a stable manner, prevented by inflation or recession
• Meeting collective objectives by individual sacrifice.
Planned economy serves collective rather than individual needs, under such system rewards, whether wages or perquisites, are to be distributed according to the value that the state ascribes to the service performed. A planned economy eliminates the individual profit motives as the driving force of production and places it in the hands of the state planners to determine what is the appropriate production of different sets of goods.
Disadvantages of Planned Economy:
• Surplus and shortage.
Planned economy cannot detect consumer preference; they do not know how much to produce. Lead to surplus or shortage. Surplus leads to wastage of labors and materials.
• Lack of incentive for innovation.
Planned economy can deliver vast national resources into research and development if it gets the idea that a particular field is critical to its interests, usually military technology.
• Corruption.
Planned economy creates social conditions favoring political corruption. Centralized decision-making predisposes planners to abuses of power.