What do you mean by economic planning?

economic planning, the cycle by which key monetary choices are made or impacted by focal states. ... Simultaneously, public trust in the capacity of legislatures to impact for the better the exhibition of the economy lessened.

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Meaning of Planning:

The term “planning” is now so much in common use that it seems to be unnecessary to define it or to explain its meaning. In fact, it is not possible to give it any precise or universally acceptable definition. There is no unanimity among political thinkers and economists about the concept of planning. As Raymond Burrows remarks, “Planning as a modern panacea is as perplexing to a pedant as it is popular to a protagonist.”

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Definition of Economic Planning:

It is rather difficult to give a concise definition of economic planning with a fair degree of precision and acceptability to one and all. Hence different economists have defined economic planning in a variety of ways by keeping in mind the goals to be achieved and the techniques for achieving them. Apart from stating that planning is a method, a technique or a means to an end, the end being the realization of clearly set targets, we discuss the number of definitions which in their totality convey the full meaning and content of economic planning Mrs.Brbara Wooton defines it as “Economic planning is system in which the market mechanism is deliberately manipulated with the object of producing a pattern other than which would have resulted from its own spontaneous activity.” Herman Levy defines it as “Economic planning means securing a better balance between demand and supply by conscious and thoughtful control either of production or distribution.” Dr. Dalton says, “Economic planning in the widest sense is the deliberate direction by persons in charge of large resources of economic activity towards chosen end”

Lewis Lorwin defines a planned economy “as a scheme of economic organization in which individual and separate plants, enterprises and industries are treated as coordinate units of one single system for purpose of utilizing all available resources to achieve for maximum satisfaction of the people’s needs within a given time” National Planning Commission of India- “Planning under a democratic system may be defined as the technical co-ordination, by disinterested experts, of consumption ,production , investment, trade and income distribution, in accordance with social objectives set by bodies representative of the nation. Such planning is not only to be considered from the point of view of economics and the raising of the standard of living but mist include cultural and spiritual and the human side of life.”

H.D. Dickinson defines economic planning as below: “ Economic Planning is the making of major economic decisions what and how much is to be produced, how, when and where it is to be produced, and to whom it is to be allocated by the comprehensive survey of the economic system as whole.”

Aniway , The scarcity of human life is infinite. In contrast to this infinite scarcity, the resources to meet the scarcity are limited. According to economist Mrs. Barbara Uton, "the selection of well-thought-out and prudent economic priorities by a government authority is called an economic plan."