It is not about how successful a business tycoon you are or how well your spouse drove the world’s largest economy in his tenure that ascertains you the post of Commander in Chief in the White House. It ultimately boils down to how well you portray your economic plans and policy to your denizens, which enables you to be the most powerful person in the world.
Such has been the importance of the study of economy and its policies in the year 2016 as Forbes listed Economics as the top 10 degrees to have on an undergraduate level.
Ironically, there are no undergraduate programs currently offered by universities across our country in the field of economics. Rather, what seemed more disappointing was that Bachelors in Economics was omitted from the curriculum of Kathmandu University School of Arts due to under-subscription of students in the program from the year 2016. It can be vividly seen that there exists a fierce rivalry amongst colleges within our country and the ever-growing evolution of new undergraduate programs justifies the mean. But despite this, I wonder why economics has not been able to grow and prosper especially in a least developed country like ours.
Economics, as it comes, is the study of efficiently utilizing resources and the repercussion of these resources in production and distribution of goods and services. A resource includes land, labor, capital and entrepreneur. The importance of economics cannot be undervalued, especially in a least developed country like ours. This is because one has to realize that ill-sfated unofficial trade embargo posed upon our country by our beloved neighbor, could have been avoided if there were to be an efficient economic policy to address the needs of our country.
Economics broadly can be divided into two major streams: Microeconomics and Macroeconomics. The former deals with the study of production and consumption of goods and services by an individual unit. It emphasizes on the supply and demand of different commodities in a pre-existing market. Whereas, the latter extensively studies the nature of a country’s economy as a whole. It deals with problem surrounding with inflation, unemployment, interest rate and stagflation. Not only these, but there are other different aspects of economics that can be studied and is very important in retrospect of our country. Health economics, Trade economics, Political economics, Environment economics are few of the subjects which one can undertake extensively to build a career upon.
Unlike mainstream Engineering, MBBS or MBA for that matter, an undergraduate in economics does not require specialization in any particular subject matter. But, having said that one must take into consideration that rigorous mathematical calculations careful analyzations of different graphs and reports are an essential component of economics. Scholars from different background like Science, Management and Humanities are eligible to practice economics in their undergraduate level. And one has to say that there is a constant rise in demand of economist in our country. People with appropriate educational background in economics are being currently well paid by different institutions around the country. World Bank, Asian Development Bank, Department For International Development (DFID) Nepal, South Asian Network for Development and Environmental Economics (SANDEE), Samriddhi Foundation, Niti Foundation, Nepal Economic Forum, Ministry Of Finance (MoF) are some of the places where one can vie for the post of economist.
Hence, it is a high time for people in concerned authority to realize on the potentiality of Economics in Undergraduate level in our country. Scholars with efficient economic background knowledge are required to meet the void gap, which is currently fulfilled, by the “self-proclaimed” economist. Our country is in need of economist who can guide our economy to a prosperous future.
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