Malaysia, Economics, Development, Planning
Development planning has been described as "a deliberate governmental attempt to coordinate economic decision-making over the long-run and to influence, direct and, in some cases, even control the level and growth of a nation's principal economic variables (income, comsumption, employment, investment, saving, exports, imports, etc.) in order to achieve a pre-determined set of development objectives." One set of reasons for planning centres round the operation of the market system. Thus, market prices are often distorted and can result in a misallocation of scarce resources. Another set revolves round the need to have a rallying point for local and foreign interests in eliminating proverty. A development plan is seen to provide this psychological boost for the local population, while to the foreigners it is "proof" that the country is serious about development...
Lim, D. (1982). Malaysian development planning. Pacific Affairs, 55 (4), 613-639. http://dx.doi.org/10.2307/2756844