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planning
Since the Second World War, economic planning has been adopted by the UDCs the world over as an
instrument of economic development. As Samuelson observes, "Today all over the underdeveloped
world, planning Is a fashionable word. No country is too small or backward to have its five or tenyear plan." Planning and development today form the core of economic studies.
The developing countries suffer from certain serious problems. These are characterized by
widespread poverty, malnutrition. hunger, disease, ill-health and so on. Millions live in abject
misery. The most urgent and most immediate desideratum of these countries is to have an
appreciable rise in the standard of living. To this end, these countries desire to have accelerated
economic development within the shortest possible time.
capita! formation. Gross economic inequalities are fraught with undesirable consequences. A more
egalitarian distribution of income, wealth and opportunities can be achieved only under a planned
set-up.