Question

a
Can we think of a situation where economic
planning can be done without the use
eg
Stahetical technique ? Explain in economics​

Answer 1

Answer:

Economic planning is a resource allocation system in which the government makes economic decisions based on an economic plan. 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.[1][2]

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. In addition, one can distinguish between centralized planning and decentralized planning.[3] 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.[4] 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.[5]