Business Environment

Chapter 19

 

1. Ferdynand Zweig, The Planning of Free Societies, London: Secker & Warburg, 1942, page 14.

2. W. Arthur Lewis, “The Principles of Economic Planning”, Preface to Third Impression.

3. Some more definitions of economic planning (i) “Planning is the direction of productive activity by a central authority”— F. Hayek: Collective Economic Planning. (ii) “Planning is the collective control or supersession of private activities of production and exchange”,—Lionel Robbins: Economic Planning and International Order, (iii) “Planning is the making of major economic decisions, what and how much is to be produced, how, when and where it is to be produced, and to whom it is to be allocated, by the conscious decision of a determined authority, ...