ECONOMIC DEVELOPMENT PLANNING SYSTEMS

ECONOMIC DEVELOPMENT PLANNING

PERFORMANCE OBJECTIVES

At the end of this chapter, students should be able to:

  •  Explain the meaning of economic development planning.
  • Differentiate between types of economic planning.
  •  Explain the importance of economic planning in National development.

 DEFINITION OF ECONOMIC PLANNING SYSTEM

Economic planning may be defined as government’s conscious formulation of economic policies for the allocation of resources to all sectors of the economy over a period of time. This brings about sustained growth in the economy.

            AIMS AND OBJECTIVES OF ECONOMIC PLANNING OR REASONS WHY COUNTRIES EMBARK ON DEVELOPMENT PLANS

  •  To increase the level of employment: A good economic plan will ensure the increase in the level of employment in the economy.
  • To develop efficient technology: A good economic plan can promote a better and efficient technology.
  •  To increase the real income of citizens: The real income of the citizens can easily be increased through  a good economic planning.
  • Equitable allocation of resources: Development plan is aimed at equal allocation of the country’s resources to all sectors of the economy.
  •  Diversification of the economy: Through good development planning, Nigeria’s economy will be diversified to many sectors.
  •  To bridge the gap between the rich and the poor: A good economic planning ensures distribution of income more evenly among individuals and the socio-economic groups.
  •  To achieve economic self-sufficiency: Through good development planning offers the essential mechanism for overcoming some obstacles to economic development.
  • To ensure economic growth: Development planning offers the essential mechanism for overcoming some obstacles to economic development
  •  To reduce foreign control of the economy: A good development planning will assist to reduce foreign control or dominance of the nations economy.
  • To ensure joint business participation: A good development planning will increase the participation, of citizens in the ownership and management of productive enterprises
  • To reduce rural-urban migration: A good development planning will also ensure that movement of people from rural to urban centres is reduced.

TYPES OF ECONOMIC PLANNING SYSTEM

There are different types of economic planning and they are:

  • his type of economic planning involves the distribution of national income to various sectors of the economy.
  • Strategic planning: This is the type of planning which is directed to meet certain objective in the economy.
  • Comprehensive economic planning: This is the type of planning aimed at setting some targets to cover all major aspects of the national economy.
  • Partial economic planning: This is the type of planning targeted at specific segment of the national economy e.g. plans to boost agricultural production.
  • Controlled economic planning: This is also known as authoritarian planning common with socialist economic system in which government formulates and executes plans for the economy.
  1. 7. COMPOST
    8. WEED AND THEIR BOTANICAL NAMES
    1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
    2. DISEASES
    3. 52. SOIL MICRO-ORGANISMS
    4. ORGANIC MANURINGION

    9. loans for businesses
  2. how to establish enterprises
  3. what is a firm
  4. price equilibrium
  5. scale of preference
  6. concept of economics
  7. economic tools for nation building

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