Economic Planning: Vital for Developing Nations
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Economic Planning in Developing Nations
What is the significance of economic planning for a developing country?
Barbara Wooton defines economic planning as "a system in which the market mechanism is deliberately manipulated with the object of producing a pattern other than that which would have resulted from its spontaneous activity."
Resource Use for National Benefit
Economic planning ensures optimal use of economic and human resources for national benefit. It increases output based on national priorities and reduces resource wastage.
Boosting Capital and Development
Capital formation is crucial in economic planning. Planned economies prioritize future growth over immediate needs, fostering rapid economic development.
Reducing Economic Inequality
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