Managerial economics

About: Managerial economics is a research topic. Over the lifetime, 1524 publications have been published within this topic receiving 83965 citations.

Addressing the problem of service teaching introductory economics subjects

Abstract: Enrolments in undergraduate economics programs have been falling constantly since the early 1990s. This trend coincides with the increasing popularity of business and management degrees. Consequently, the major activity of many, if not most economics departments and schools in Australia is service teaching of introductory economics to first year business and management students. Such service teaching activities usually involve offering a conventional principles of macroeconomics subject and a conventional principles of microeconomics subject to business and management students. It is argued here that the conventional first year offerings do not meet the needs of the majority of the students taking these subjects. A review of the economics education literature has identified a number of strategies that have been proposed to increase the level of engagement of first year economics students. However, this article argues that these strategies are not considered to be appropriate for the challenge facing most Australian economics departments that are primarily teaching non-economics majors. The aim of this article is to propose an alternative framework that would allow economics departments to perform more effective and relevant service teaching activities. It is argued that current principles of economics subjects largely ignore two important institutions, in addition to markets, that societies use to answer the economic question, the government sector and the household sector. It is further argued that a principles of economics subject that places appropriate emphasis on a broader set of institutions should not just teach first year students about key economic theories, but it should also provide them with an understanding of how real economies work. This is a goal that is relevant for students undertaking either an economics degree or a business degree. The final section of the article provides a brief overview of how a principles of economics offering based on a broader institutional approach might differ from a traditional principles course.

The managerial economics reader

Abstract: The firm, managers and managerial economists demand estimation and other applications of econometrics forecasting production, cost and related topics market structure, pricing and related topics regulation investment decision and benefit-cost analysis international issues.

From tools to theories: The emergence of modern financial economics

Abstract: It is shown that early research in modern financial economics had substantially been driven by the application of the research strategy of economics and the use of newly developed mathematical methods. For this purpose the professionalization of business education as a consequence of changes in the U.S. economy after Word War II is presented. The emergence of professional Journals in financial economics, similar to the academic culture including the trend of applying abstract mathematical reasoning and during the war developed methods like linear programming are highlighted. Also the meaning of Milton Friedman's 1953 essay The Methodology of Positive Economics for the dominance of abstract and prediction driven research in modern financial economics gets discussed. Finally, the emergence of Harry Markowitz's paper Portfolio Selection (1952) is used to substantiate the hypothesis.

Research in organization processes.

Abstract: The article presents a panel discussion session focusing on the need for research in organizational processes. The author states that those in academic life are vulnerable if they fail to develop n...