What does economic planning mean?
Definitions for economic planning
eco·nomic plan·ning
This dictionary definitions page includes all the possible meanings, example usage and translations of the word economic planning.
Wikipedia
Economic planning
Economic planning is an allocation mechanism based on a computational procedure for solving a constrained maximization problem and an iterative process to obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism. As an allocation mechanism for socialism, economic planning replaces factor markets with a procedure for direct allocations of resources within an interconnected group of socially owned organizations which comprise the productive apparatus of the economy.There are various forms of economic planning that vary based on their specific procedures and approach. The level of centralization in decision-making depends on the specific type of planning mechanism employed. As such, one can distinguish between centralized planning and decentralized planning. An economy primarily based on planning is referred to as a planned economy. In a centrally planned economy, the allocation of resources is determined by a comprehensive plan of production which specifies output requirements. Planning can also take the form of indicative planning within a market-based economy, where the state employs market instruments to induce independent firms to achieve development goals. A distinction can be made between physical planning (as in pure socialism) and financial planning (as practiced by governments and private firms in capitalism). Physical planning involves economic planning and coordination conducted in terms of disaggregated physical units whereas financial planning involves plans formulated in terms of financial units.
Numerology
Chaldean Numerology
The numerical value of economic planning in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of economic planning in Pythagorean Numerology is: 2
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"economic planning." Definitions.net. STANDS4 LLC, 2024. Web. 29 Apr. 2024. <https://www.definitions.net/definition/economic+planning>.
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