Definition Of Development Planning In Economics
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The basic objective of planning is to exercise control over the private sector of an economy.
Definition of development planning in economics. Development economics considers factors such as health. Meaning and types of planning. Importance of economic planning the importance of economic planning is also known as the scope of economic planning. Development economics is a branch of economics that focuses on improving fiscal economic and social conditions in developing countries.
The concept of development planning was first introduced in 1917 a d. It includes various points such as a reliable statistical data. It usually refers to planning by the state. Robbins economic planning is collective control or suppression of private activities of production and exchange to hayek planning means the direction of productive activity by a central authority.
Development planning is defined deliberate government attempt to implement monitor supervise as well as co ordinate economic decisions made on economic issues of a nation. There is no agreement among economists with regard to the meaning of the term economic planning. In the former soviet union. Usually the development plan includes time based benchmarks.
Development planning happens in many different contexts so to define it succinctly is tricky. When the economic resources of the country are rationally arranged with a predetermined purpose it is called economic planning. Basically development planning refers to the strategic measurable goals that a person organization or community plans to meet within a certain amount of time. Controls are exercised over economic resources which are scarce.
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