In Oceania, what was the ideology of economic system? How was this working out for the population?

The economic system is controlled, fuelled, and manipulated by the party. We actually don't really know how or if it even works. We only see it through the massive propaganda machine that constantly churns out meaningless statistics through the Ministry of Plenty. The economic system seems to exist only to keep citizens busy doing mundane jobs. The constant shortages of goods reminds people that Oceania is always at war.