The term economic planning was at first used by famous philosopher Plato in the book 'republic'. The importance of economic planing in the real sense was highlighted in an easy by a Norwegian theorist, Kristian Schonneyder.The modern from of planning had been originated from it.The planning had spread like wild fire after 2nd world war.Due to the worldwide spread of planning the development economist Arthur Lewis had remarked -"we are all planners now."
There is no consensus among economists regarding the concept or meaning of economic planning.It has been defined in many ways.Here the views of two planning exports have been presented.
According to Albert Waterston -"Planning is an organized,conscious and continual attempt to select the best available alternative to achieve specific goals.It involves the economising of scarce resources.
In the world of M.P.Todaro-"Economic planning is a deliberate governmental attempt to-coordinate economic decision making over the long run and to influence,direct and same case seven control the level and growth of a nation's principle economic variables,income,consumption,employment,saving,export,import,etc.in order to achieve a predetermined set of development objectives.
In sum,the formulation and execution of economic programmes to achieve national objective is called economic or development planning.The programmes and targets are fixed keeping in view the available resources.The economic planning is adopted to achieve the targets fixed within stipulated time.
There is no consensus among economists regarding the concept or meaning of economic planning.It has been defined in many ways.Here the views of two planning exports have been presented.
According to Albert Waterston -"Planning is an organized,conscious and continual attempt to select the best available alternative to achieve specific goals.It involves the economising of scarce resources.
In the world of M.P.Todaro-"Economic planning is a deliberate governmental attempt to-coordinate economic decision making over the long run and to influence,direct and same case seven control the level and growth of a nation's principle economic variables,income,consumption,employment,saving,export,import,etc.in order to achieve a predetermined set of development objectives.
In sum,the formulation and execution of economic programmes to achieve national objective is called economic or development planning.The programmes and targets are fixed keeping in view the available resources.The economic planning is adopted to achieve the targets fixed within stipulated time.
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