what is economic planning? state the success of economic planning ?
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Economic planning is defined as 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 replaces factor markets with a direct allocation of resources within a single or interconnected group of socially owned organisations...
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The objective of sustained growth with justice has been tried to be achieved over the planning period through several measures like land reforms, abolition of bonded labour, liquidation of rural indebtedness, fixation of minimum wages, provision of basic minimum needs, and reduction of concentration of power
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