That would depend completely on the kind of economy being planned. Some plans/ideas for economies, such as those of the Venus Project, do emphasise equality of wealth. Other planned economies, as seen with many communist systems historically, do not provide equality of wealth.
Economic equality refers to an economy in that all of the inhabitants are equally wealthy, and have the same status in the economy, because they have had the same opportunities, non discriminant on race, gender, skill, culture, or wealth condensation.
Egalitarianism
Economic equality exists when there is a reduced gap between the rich and the poor, in terms of income and wealth.
Socialists advocate for government control of the economy to promote equality and reduce the disparities created by capitalism, which they believe can lead to exploitation and social injustice. By nationalizing key industries and implementing regulations, socialists aim to ensure that resources and wealth are distributed more fairly among the population. They argue that a centrally planned economy can better meet the needs of all citizens, rather than prioritizing profit for a select few. Ultimately, the goal is to create a more equitable society where everyone's basic needs are met.
A subsistence economy is an economy which is based on gathering or amassment of valuable items; the increase in wealth; or the creation of wealth. So, basically, an example would be Canada, the United States, etc. Almost the whole world is a subsistence economy.
Free-market system - Protecting property rights. Socialism - Providing equality of wealth. Planned economy - Making production decisions.
Economic equality refers to an economy in that all of the inhabitants are equally wealthy, and have the same status in the economy, because they have had the same opportunities, non discriminant on race, gender, skill, culture, or wealth condensation.
Planned economy can be beneficial in terms of: Prices are under control and so people can afford to consume goods and services, less inequality of wealth, elimination of waste causing competition and firms and there is no duplication because the allocation of means is centrally planned.
Egalitarianism
In Marx's economy, there may be a need to sacrifice individual wealth accumulation and the profit motive in order to achieve greater equality. This could involve redistributing wealth and resources more equitably among the population, reducing income disparities, and focusing on meeting the needs of all individuals rather than prioritizing private ownership and profit.
The redistribution of wealth is aimed at enhancing levels of economic equality.
To satisfy people’s needs, in terms of food, housing, health care, education, entertainment, etc.
surviving and trading. It inproved their wealth and economy surviving and trading. It inproved their wealth and economy
It makes an honest effort to eliminate the class, wealth and social status difference in the armed forces. It attempts to provide an equality level among the servicemen.
Economic equality exists when there is a reduced gap between the rich and the poor, in terms of income and wealth.
To redistribute wealth means to bring equality to everyone in wealth. To achieve this, the government for example, will tax the wealthy to provide for the poor. That is what it is to redistribute wealth.
socialist