The academic debate sought by economics

Economics is a field of science in which economists can both win Nobel Prizes when they come to diametrically opposite conclusions and share the prize positively with each other.

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.

In 1979, Theodore W. Schultz and Arthur Lewis were awarded the Nobel Prize for economic development research with special consideration of the problems of developing countries. Schultz concluded that the industrial policy did not cover the agricultural sector because of the lack of production, productivity, and poverty in the agricultural sector. However, Lewis analyzed the dual sector model of development, dividing the primary or agricultural sector and the modern sector and formulated another development model. The agricultural sector is governed by social norms. In agriculture, workers are paid more than their marginal product or are paid based on their average product. Labor migrates to modern areas because of wages.

In 2013, the Nobel Prize was awarded for the subject of the stock market. Eugene Fama proposed the efficient market theory. The theory believes that information immediately affects prices and that markets are efficient. But Robert Shiller rejects Fama's theory. Bubbles in the economy, extreme volatility and investor behavior determine the market.

The recognition of economists with different perspectives, who received Nobel Prizes in 1974, 1979 and 2013, emphasizes the importance of debate in economics. The core principles, ideologies and policy-making of economic discourse tend to favor alternative conceptions. The argument between the two economists does not prove that both theories are wrong, but rather exposes the contradictions within economics. So economics is the science of discourse.

Academic debate Economic theory, policy and implementation practices are integral parts of society or state. Such debates help to enrich our understanding of complex economic phenomena. Economists present their views on issues such as fiscal policy, monetary policy, trade, tax administration, poverty, income distribution. These debates are motivated by conceptual differences, empirical evidence. They reflect diverse interests and values ​​within society.

There are many contradictions in economics or economics. Policies have both intended and unintended effects. Just because the desired effect is seen does not mean that the undesired effect is not seen. Both can appear at once. What matters is which effect is relatively more pronounced. In this way all aspects may be missed when measured comparatively. Hence the need for a debate on economics.

Scholarly debates have the ability to generate new ideas, exchange ideas, and develop deeper understanding of the subject matter. In some cases those debates reinforce preconceived notions rather than providing further reasoning or understanding. It can support negative things. Academic debate can be influenced by eloquence rather than substance. No new facts are born in opposition. That is not true in support. It is important that the economic analysis or policy is made on the basis of which assumptions or assumptions are made. It is the underlying assumptions that allow the formulation of hypotheses or theories about economic behavior. However, economics argues that these assumptions are not immutable truths. Story-break Economists enrich economic analysis by providing alternative frameworks, methods, and approaches to understanding economic phenomena. By adopting a multidisciplinary approach, economists can develop intellectual diversity and contribute to a more holistic and nuanced understanding of the economy. So philosophy of economics leads to academic debate on concepts or assumptions.

Nepal's existing economy and economic policy have sought a lot of academic debate. According to the report published recently by the National Bank of India for six months of this financial year, it appears that the foreign exchange reserves in the banks will be sufficient to cover 14.5 months of goods imports and 12.1 months of goods and services imports. In fact, foreign exchange reserves are enough to cover 8 or 9 months of imports. Saving more means creating liability in the economy. Due to this, negative effects can be seen in the economy such as: increasing the purchasing power of Nepali currency, increasing imports, decreasing exports, decreasing international competition, decreasing employment, etc. A wider scholarly debate is therefore needed on the use of current reserves. But the government is happy that reserves have increased. It does not appear to be in favor of debating its unintended consequences.

Currently, government spending has decreased by 1.7 percent compared to last year. On the one hand, it has not been able to spend, on the other hand, the government is taking internal loans. How to mobilize available resources? A wider debate is needed on how to find new alternatives or how to exploit the aforementioned impacts.

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.0

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.1

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.2

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.3

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.4

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.5

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.6

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.7

1974 Nobel Prize in Economic Sciences Dr. Gunnar Myrdal and Dr. Awarded to Friedrich A. von Hayek. However, both were chosen primarily for their outstanding contributions to monetary analysis. However, the ideology was different. Dr. Myrdal was a socialist analyst, Dr. Hayek advocated market economy.8