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date: 02 December 2020

Abstract and Keywords

Planning approach is often characterized as stiffly regulatory while the market approach is characterized as more flexible. However, this article asserts that planning is not about market failures and regulatory remedies but can be better understood by several other economic principles. It argues that plans and planning make sense in situations where either single or multiple actors think before acting, using limited information. It considers planning as an action in light of other prior and subsequent actions and describes various economic theories and concepts under which planning can be understood. In each case, the article considers examples drawn from a variety of strands of literature that demonstrate analogous planning problems of firms, governments, and other agents and how they may be cast in a conventional economics framework.

Keywords: planning, market approach, regulatory remedies, economic principles, economic theories, analogous planning problems, conventional economics framework

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