Definition of economic planning by planning commission
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♣♨➡♨♨Economic planning is a mechanism for the allocation of resources between and within organizations which is held in contrast to the market mechanism. As an allocation mechanism for socialism, economic planning substitutes factor markets for a direct allocation of resources within a single or interconnected group of socially-ownedorganization➡➡♨♨♨♨♣♣♣♣
♣♨➡♨♨Economic planning is a mechanism for the allocation of resources between and within organizations which is held in contrast to the market mechanism. As an allocation mechanism for socialism, economic planning substitutes factor markets for a direct allocation of resources within a single or interconnected group of socially-ownedorganization➡➡♨♨♨♨♣♣♣♣
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Explanation:
Economic planning is a resource allocation system based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution.
- Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.
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