The once popular discipline of economic planning fell into complete obscurity more than twenty years ago. Ever since, the so called market forces dominated every aspect of the economic life of, virtually, the entire planet. The results are well known and, especially nowadays, are felt more than ever. Given that almost all known economic recipes have, to a greater or lesser extent, been tried and produced very poor results, this paper proposes that, maybe, the long lost art of economic planning should be given a new lease of life or, at least, a chance at a theoretical level. If this is to happen however, key factors of the dominant economic and political thought and practice have to undergo major re-evaluations. This paper also aims to comment on these.