Reflective Journal: Economics of Planning and Development Impact

This reflective journal explores the economics of planning, focusing on the allocation of resources by the central government and contrasting it with laissez-faire approaches. The student reflects on key themes such as employment, environmental conservation, econometrics, environmental economics, and economic methodology. The journal highlights the significance of employment as a determinant of economic development, emphasizing that increased employment leads to higher per capita income. It also discusses the impact of industrialization on the environment and the need for sustainable practices. The student connects these concepts to real-world applications, suggesting the installation of pollution control equipment and the use of statistical methods in business practices. The journal concludes by reiterating the importance of employment and environmental conservation as critical drivers of economic development and the need for leaders to apply these principles.

Running head: ECONOMICS OF PLANNING-REFLECTIVE JOURNAL 1
Economics of Planning
Student’s Name
Institution Affiliation

ECONOMICS OF PLANNING 2
Reflective Journal
Economics of planning involves allocation of resources where decisions are made by the
central government, and it is different from the leissez faire approach to economic management
where market forces are left to determine the direction, speed and economic evolution of the
market, at the national macro level. Also, there are a lot of new and challenging things that one can
learn and get impacted from this subject depending on the themes reflected. Leaders are the people
that got a lot to learn from economic development and should apply it in their field of practice.
As a result of my learning process, I learned that employment is a significant determinant
of economic development. Economic development is measured by the increase in per capita
income. More employment causes increase in per capita income, so the presence of unemployment
decreases economic growth (Rajeev & Vani, 2017). Environmental conservation is also a key
determinant in economic development is also affected indirectly by employment because many
industries are being set up to provide employment opportunities which increase degradation of the
environment because of pollution (Ashraf & Aqma, 2017).
Economic development at the macro-national level affects the micro-local level in such a
way that regulations given by international standards provided by the designated control
organizations like the UN must be followed by every firm and institution globally. Given these
points, it is evident that economic development cannot increase, if there is no employment and the
smaller the population, the lower the employment but even as industries are set up with the
intention of creating opportunities for employment, the environment should be conserved.
However, the challenging issue is, how can an industry create jobs by increasing production the
without pollution?
Themes of Economic Development
 Econometrics- applies mathematics and statistics to techniques to the testing of
hypotheses and quantifying of economic theories and the solutions of economic
problems. The study showed that approximately 68 percent of the world is
unemployed which contributes to the rate of economic growth.
 Environmental Economics-Uses economic tools to analyze the environment and to
solve problems. In this study, the issue of environmental pollution is addressed by

ECONOMICS OF PLANNING 3
the innovation of equipment that is installed in factories to curb noise and air
pollution (Corporation. 2017).
 Economic Methodology- is a way in which investigation of the economy is done. A
good example is the formulation of economic theories scientifically.
 Technology-the level of production of goods and services has improved through the
innovation of computers and electric gadgets that make work easy thus ensuring
economic growth (Ji Li Affiliation: Department of Management, Wei Sun
Affiliation: Inner Mongolia University of Finance and Economics, & Wanxing
Jiang Affiliation: Hong Kong Baptist University, 2017).
These themes have encouraged me to keep myself updated on the new upcoming products,
to conserve the environment in all my practices, to use statistical and mathematical methods to
analyze economic variables and to use scientific methods to come up theories that validate specific
arguments.
I can apply what I have learned for the past few weeks in my practice by installing gadgets
that curb air and noise pollution in the factory of my industry and ensure that the market
researchers in the company are using statistical and mathematical methods of coming up with good
hypotheses and quantitative analysis. I would install an internet connection always to be updated
on new technology worldwide. Given a chance, I would have included some the critical employees
in my industry study with me about the economics of planning for the past few weeks.
In conclusion, employment and environmental conservation are the critical drivers of
economic development. They should be studied and improved by the right economic
methodologies, econometrics, technology and environmental economics and applied by all
economic leaders.

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References
Ashraf, M. A., & Aqma, W. S. (2017). Environmental Conservation, Clean Water, Air & Soil. Intl
Water Assn.
Corporation., N. L. (2017). This is your passbook for environmental conservation officer trainee:
test preparation study guide: questions & answers. Syosset, New York: National Learning
Corporation.
Ji Li Affiliation: Department of Management, H. K., Wei Sun Affiliation: Inner Mongolia
University of Finance and Economics, H. C., & Wanxing Jiang Affiliation: Hong Kong
Baptist University, K. (2017). How the Nature of Exogenous Shocks and Crises Impact
Company Performance?: The Effects of Industry Characteristics. International Journal of
Risk and Contingency Management (IJRCM) v6 n4 (10 2017): 40-55.
Rajeev, :. M., & Vani, B. P. (2017). Financial access of the urban poor in India: a story of
exclusion. New Delhi, India: Springer Science and Business Media: Springer.