Definition
A managed economy is where the government intervenes in the economy to influence outcomes, but not to the extent of a command economy. It's like having a coach 🧑🏫 guiding a sports team, but not dictating every play. The government might use regulations, subsidies, or tax policies to steer economic activity. It aims to correct market failures, promote social welfare, or achieve specific economic goals. It's distinct from a laissez-faire economy where the government stays out of the way. The level of government involvement can vary significantly.