Economic Planning

Economic planning, which as a concept emerged as a socialistic idea, is now considered an important aspect of all national economies with varying political and ideological persuasions and at different stages of socio-economic development. There are as many types and forms of economic planning as the number of countries, because each country formulates a plan according to its political and economic environments and goals of the national economy. In a general sense, the term economic planning can be defined as formulation of control and regulation of economic activity by public agency with a view to achieving well-defined objective(s). Since the key questions implicit in this definition such as formulation of economic policies, regulation and control of economic activity and goals and objectives of the national economy, are closely related to the political structure of a society, the techniques and patterns of economic planning thus become intricately woven with its political system.