Pros of Communism
Central planners can ensure full employment by devising enough projects to absorb all members of the workforce
This along with control on prices can bring stability to the economy
Also distribute income more equally than a market economy, because everyone shares in the nation’s wealth
Cons of Communism
Government controls wages and prices, workers have little incentive to work hard or to produce high-quality goods
Core problem in a command economy is that government planners, no matter how well intentioned, are less efficient at making economic decisions than the market is.