Arguments of Mises and Hayek, who opposed the planned economy (PE), are used in the paper as a starting point for establishing the objective area of effective application of the PE. The abstract model of PE, based on the definitions of Mises and Hayek, leads to the conclusion that for the effective use of PE, it must be a part of mixed economy and it must produce a limited amount of essential goods of irreducible demand. These goods must be distributed among all members of society free of charge, evenly, without competition. Examples of a mixed economy are given that meet this requirement. Calculations of the personal benefit in the transition to a mixed model of the economy have been carried out. The positive and negative qualities of the planned and market methods of organization are considered. Mixed economy model combines these qualities in optimal construction. An analytical framework has been introduced for the construction of product characterization curves. Such curves provide criteria for determining the efficiency of manufacturing of this product in a planned economy. The general economic prerequisites for the usability of the PE are clarified. The applicability and advantages of the PE for the organization of the universal basic income (UBI) system are demonstrated. The possibility of using PE to solve the problem of guaranteed employment is mentioned.