Objectives of Planning - SS3 Economics Lesson Note
The objectives of planning refer to the goals or targets that an organization, institution, or government sets for itself in order to achieve its desired outcomes. The primary objective of planning is to establish goals. In the context of economic planning, the objectives are typically aimed at improving the overall economic performance of a country or region.
The objectives of planning are aimed at creating a more prosperous and sustainable economy that benefits all members of society. The main objectives of economic planning can be broadly classified into the following categories, and they include:
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Economic growth: One of the primary objectives of planning is to achieve sustained and balanced economic growth. This can be achieved through measures such as investment in infrastructure, research and development, and education.
Full employment: Another important objective of planning is to achieve full employment or a low level of unemployment. This can be achieved through measures such as creating job opportunities, providing vocational training, and promoting entrepreneurship.
Price stability: Planning also aims to achieve price stability by keeping inflation under control. This can be achieved through measures such as monetary policy, fiscal policy, and regulation of prices.
Equitable distribution of income and wealth: Planning also aims to achieve a more equitable distribution of income and wealth by reducing income disparities and providing social welfare programs to those in need.
Environmental sustainability: Another important objective of planning is to ensure environmental sustainability by promoting sustainable development practices, reducing carbon emissions, and preserving natural resources.