There is a large amount of debate among Socialists as to how a Socialist economy would be managed. There are many different opinions on this subject. The most common ideas are Central Planning (Stalin, Mao, etc.,) Decentralized Planning (Trotsky, Michael Albert, etc.,) Anarchist Market Socialism (Proudhon, Carson, etc.,) and Market Socialism with a state (Tito, Lange, etc.)
There are certainly other ways that a Socialist economy can be managed, however they are not very common in leftist circles. This all being said, I would like to start a discussion on how you believe a Socialist economy should be managed and why you think that.
To start off, I support decentralized planning. I support a combination of participatory planning and Paul Cockshott's Cybersocialism. I believe that decentralized planning is a much more effective and efficient way to manage an economy than central planning, and a much more stable and humane way to manage an economy than market socialism
I am against central planning for a multitude of reasons. To start off, centrally planned economies are horrible at effectively distributing resources. For example, the USSR used about 12x the iron than the US to make the same capital good. Quite the stunning difference! However, it goes much deeper than that. Centrally planned Socialist states would often look at Capitalist countries for their price signals and copy them. This was a very common tactic used by central planners. Using markets and using their price signals to set prices was a very common tactic used by the centrally planned Socialist states, however there are some particularly notable examples. In the USSR, the black market was allowed to grow so that the Soviet central planners could copy down price information and use it. This was done because it was easier to do this domestically rather than look at a foreign country and copy their price signals.
I have less problems with Market Socialism, but I still have some problems with it. To start off, in Yugoslavia unemployment was always a serious problem due to the market existing. In neighboring countries, the unemployment rate was much lower than in Yugoslavia. Unemployment and poverty will always be commonplace in a market socialist economy because of the natural rate of unemployment. Considering the fact that there are much better ways to manage an economy, I do not support market socialism.
I would talk about Anarchist Market Socialism for a bit, but I'm not aware of any examples of it existing. Maybe somebody could leftpill me on them.
FYI: I'm not trying to start a debate or anything, though I am open to discussing different ideas. I just want to hear what people think about this important subject.