planned economy

advantages is that you are guaranteed certain standard of life, as long as you are willing to work or meet your production quota. You get free education and healthcare, as well as disability and retirement benefits.

Disadvantage is that your standard of life does not grow as fast as in market economies, and you cannot increase it all that much by working harder or innovating new technology. The only path to better lifestyle is joining the ruling elite, or stealing from the system and otherwise entering the black market.

The reason that standard of life does not grow so fast is that there is no innovation, and that is b/c innovation means taking a risk, and "equal-reward" approach means that rewards are not enough to justify the risk.'

Planned Economy
In a planned economy, the factors of production are owned and managed by the government. Thus the Government decides what to produce, how much to produce and for whom to produce.
Features:
All resources are owned and managed by the government.
There is no Consumer or producer sovereignty.
The market forces are not allowed to set the price of the goods and services.
Profit in not the main objective, instead the government aims to provide goods and services to everybody.
Government decides what to produce, how much to produce and for whom to produce.
Advantages
Prices are kept under control and thus everybody can afford to consume goods and services.
There is less inequality of wealth.
There is no duplication as the allocation of resources is centrally planned.
Low level of unemployment as the government aims to provide employment to everybody.
Elimination of waste resulting from competition between firms.
Disadvantages
Consumers cannot choose and only those goods and services are produced which are decided by the government.
Lack of profit motive may lead to firms being inefficient.
Lot of time and money is wasted in communicating instructions from the government to the firms.