Description Discuss the following statement by a leading economist: One of the mysteries of semantics is why the government-managed economies ever came to be called planned and the market economies unplanned. It is the former that are in chronic chaos, in which buyers stand in line hoping to buy some toilet paper or soap. It is the latter that are in reasonable equilibrium where if you want a cake of soap or a steak or a shirt or a car, you can go to the store and find that the item is magically there for you to buy. It is the liberal economies that reflect a highly sophisticated planning system, and the government- managed economies that are primitive and unplanned.

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