Planning to Fail : An Analysis on Economic Planning Failure in Developing Countries

Economic planning is a term used to describe the long term plans of an incumbent government to manage the economy. Planning is defined as conceiving, initiating, regulating and controlling economic activity by the state according to set priorities with a view to achieving well-defined objectives within a given time. The provision of a regulatory regime that promotes rather than constrains economic growth is an important part of good governance. The ability of the state to provide effective regulatory can be expected to be a determinant of how well markets and the economy perform. The most important prerequisite of economic development is the aspiring nation's access to the discoveries of modern science and innovators to adapt these discoveries to the needs of marketplace. This paper is rich in issues that relates to avoiding failure of economic plans. The paper targets developing nations, as they have fewer resources to fund failure. The paper concludes by emphasizing on monitoring of government plans for desirable results