I want a information about advantages and disadvantages of market based economy to command base economy

We can think of two opposing approaches that a society can
adopt to manage its economic system or to answer the economic question of how what and
for whom to produce the goods and services using the scarce resources of the society.
These are called market economy and command economy. These two system represents two
extremes along a continuum representing mix of the two approaches in different
proportions.

In a market economy individuals and private
firms make the major economic decisions with a view to maximize their rewards and
benefits. Thus firms decide on the variety and quantity of goods to produce on the basis
of what they expect to yield them maximum profit. The consumer decide to buy and use the
goods and services that they expect to yield maximum satisfaction or benefit to them. In
command economy all major economic decision about production and distribution are taken
by the government.

The biggest advantage of market economy
is that it is very simple and requires no expertise or elaborate infrastructure to
implement. It is a system that is expected to operate automatically. Also this system is
supposed to provide greatest incentive to individuals to make best use of their
resources achieving high levels of effectiveness and efficiency. However, the market
system rarely operates as efficiently or smoothly as it is expected in theory. Many
imperfections exist in practical operations of market mechanism due to reasons such as
imperfect flow of information and barriers entry and exit into specific industries. All
these result in some individuals making excessive profits at the expense of others. Such
imperfections of market economy also tends to affect
efficiency.

The command economy is justified on the logic
that the government can decide what is in the best interest of the society as a whole
and then ensure that the economy is run accordingly. This logic appears very attractive
when it is assumed that the government is composed of representatives of the people and
is fully committed to the general good of the people. However their are many problems.
First and foremost problem is that it is not possible to determine with any degree of
certainty what actions or decisions will maximize the good of the people. In addition we
cannot take for granted that people responsible for decision making and implementation
in the government are always and fully committed to the good of the people. Also
implementation of the centralised decision requires a mechanism that becomes too
cumbersome involving heavy costs and delays. A command economy which thus becomes
ineffective is also not able to motivate the people to act in the interest of the common
good of the society.