Can You Explain The Definition Of Economic Planning According To Arthur Lewis?


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Muhammad Abdullah786 Profile
According to Lewis, there are six ways to define economic planning. Town and country planning, involving geographical zoning factories, residential building etc; programme of public expenditures over two or four or five or even ten years; planning in which each production unit uses only the resources of men, material and equipment allocated to it by central order; or planning which involves setting of production targets by the govt, whether for private or for the public enterprise; planning which incorporates targets setting for the economy as whole, purporting to allocate all the country's labor, foreign exchange, raw materials and other resources between the various branches of the economy; the means which the govt. uses to try to enforce upon private enterprise the targets which have been previously determined.

It will provide actual position of the country on the eve of launching the plan. The survey will let us know the changes in respect of population, NI, Taxation, govt. expenditure and BOP etc. the survey also tells us the changes needed or expected to occur in these eco. Variables. The survey is usually for one year. Lewis regards such information contained in the plan documents as curtain raiser which helps in suggesting the various problems to be selected for future guidance

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