The basic purpose of studying economics is to understand how various economies and their components work, how an economy is organized, and how successfully it achieves its basic objectives. The term economics is derived from two Greek words ‘oikou’ and ‘nomos’; meaning the rule or law of the households. Economics seeks to answer question relating to the economic behavior of the people, the society and the economy. To be brief, economics studies the economic behavior of the people. In the early days, economics was not studied as a different subject. But in the modern days it has expanded to include a vast range of topics. Now, the economics 1. studies how prices and quantities of goods and services that are produced and sold in the market are determined by the demand and supply forces 2. studies how the prices of labor, capital and land are set in the economy, and how these prices are used to allocate resources 3. explores the behavior of the financial markets and analyze how they alloc...

Marx can be thought of as having offered two sets of ideas, the first of which we can accept if we wish to, without accepting the second. Marx gave us a theory of society, i.e , an explanation of how society works, of how and why history has unfolded, and especially an account of the nature of capitalism. These are of great value for the task of describing what is going on in the world and for understanding the problems and directions of our society today. But Marx also regarded capitalism as extremely unsatisfactory and he was very concerned with getting rid of it, via violent revolution and the establishment of a communist society. Marxism is therefore also about political goals and action.

Globalization is the ultimate stage of this process opening up domestic economies by reducing protection, increasing foreign trade and liberalizing the flow of foreign investments. The world as a whole benefits from this; but there can be, and there are, losses to some. While companies in major, powerful, and rich countries can gain investment in poor countries, the local people may suffer. The influx of foreign capital can eas ily damage or destroy the existing local industry and agriculture. It is a specific case of an extremely wide income distribution producing a poor market solution in this case on the global scale- the market operates to supply what is demanded by those with the money to spend. So with globalization many of those living in richer countries (including their poor) gain; the world as a whole is better off; but this is scant consolation to those in poor countries who may suffer. There are often the poorest of the poor. Is globalization acceptable? Is it fair or just?...

The John Williamson was develop the idea of Washington Consensus. As originally he hasn't formulated this for policy prescription for development. However, this gave great policy departure for contemporary development landscape. He has prescribed policy or trinity strategy for economy in transition. He gave emphasized on privatization, liberalization and stabilization. The Writer ignore limitation of privatization liberalization and stabilization such as information asymmetr y, highly affect by externalities, power resource base, role of private sector on social development has been limited etc. In my opinion, this policy have useful for Latin American countries like Argentina but not so useful for South Asian counties like Nepal. I think for Nepal that type of policy will be work which more focuses on the area of comparative advantage with the cooperation and partnership between public and private sector that compatible in our social and cultural dynamics.