Group 1 - The core viewpoint is that the terms "planned economy" and "market economy" are often misunderstood, with the former not equating to a well-planned economy and the latter not equating to a lack of planning [3][4] - Planned economy is characterized by command and authority, where a few individuals dictate plans for the many, leading to potential inefficiencies and uncertainties [4][6] - Market economy relies on a dynamic pricing system where market participants and consumers make decisions, reducing the power of bureaucratic elites [9][11] Group 2 - Planned economy is described as a system governed by administrative commands and centralized authority, which can lead to significant failures if lower levels do not comply or have too much autonomy [6][7] - Market economy is defined as a system where resources are allocated based on market dynamics rather than administrative intervention, emphasizing the importance of legal frameworks that bind both elites and market participants [9][11] - The distinction between planned and market economies is framed as a difference between rule by people (human governance) and rule by law (legal governance) [11]