Disadvantage of a central planning.
- It discourages hard work
- It involves bureaucracy
- It ignores the interests/freedom/choice of individuals
- It encourages development of monopoly
- It leads to misallocation of resources against consumer’s wishes.
- It leads to poor quality of products
- There is excess capacity utilization of resources
- It encourages corruption
- Lack of competition and associated efficiency leading to poor quality products
- Lack of innovation.
- encourage violence in society to oppose government decisions
- Increase poverty increases because the government fails to provide to everybody.
CATEGORIES Economics
TAGS Dr. Bbosa Science
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