Does planning play a role in the allocation of resources in a modern mixed economy?

A mixed economy is whereby an economy consists of both the
private firms running in the market as well as the public sector—which is the
governments. They share the limited resources in the country, and the private sector
would produce goods that are demanded majority as wants from the economy, and try to
achieve a profit maximization by selling at the cheapest prices and lowest costs, they
produce a lot of demerit goods. Whereas the government will produce goods that they
think are needed by the country and that the citizens would benefit by consuming them,
they produce mainly merit goods. Resource allocation is the efficiency in allocating
products of goods and services to their right areas and firms, so that they can be sold
efficiently. Resource allocation is however, influenced by both the private and public
sectors.

Recent developments suggest the superiority of
market over planned economies, they may be explained in terms of inefficient resource
allocations of planning failures and inefficiencies. Private sectors will always be
causing externalities in which the government would plan to get rid of them, and always
find ways to correct the faults being caused by the private sectors. Mixed systems will
however employ some degree of regulation or planning to correct market failures and
improve social welfares, these are usually all provided by the
government.