Managerial economics

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

Constructive alignment in economics teaching: a reflection on effective implementation

Abstract: The typical approach to student-centred learning in Economics has focused on innovation within the classroom, with little thought given to how this complements teaching and learning and, crucially, assessment This paper reflects on the implementation of constructive alignment in a final year managerial economics course It demonstrates how it is possible to design coursework assessment for economics which both encourages constructivist learning, while also limiting the potential for plagiarism The successful assessment allows students’ autonomy in selecting what evidence matches the assessment requirements Further, the teaching, learning and formative assessment activities recommended are crafted to directly align with the requirements of the summative assessment This structured alignment process, by providing repeated formal and informal feedback, produces levels of student engagement and reflection that facilitates deeper learning

The Current Crisis In Neoclassical Economics and the Case for an Economic Analysis Based on Sustainable Development

Abstract: This paper reflects on the current crisis that confronts neo-classical economics in the wake of declining enrolments in academic economics programmes around the world, the emergence of a popular ‘post-autistic’ economics network following the revolt of economics students at a number of leading universities and, most importantly, the apparent inability of the neoclassical paradigm to bridge the gap between theory and reality. There is a saying that ‘the more things change, the more they stay the same’, but in this paper, the authors contend that the economics profession is now on the brink of a scientific revolution, or what Thomas Kuhn referred to as a ‘paradigm shift’. As Herman Daly has observed, if the theory is not good enough, the real world does not stop to wait. Governments everywhere (and international organisations such as the OECD) are engaged in a big effort to develop indicators that focus on the sustainability of industrial activities. Meanwhile, businesses are waking up to the fact that without careful attention to sustainability issues, they face considerable insurance risks. The paper employs the concepts developed by Thomas Kuhn to assist in the analysis of the current crisis. In the process, it assesses the readiness of national and international political economies to embrace sustainable development and reject neoclassical economics. The paper critically examines, and roundly rejects, key postulates of the theory offered by neoclassical economists to support their arguments that production and consumption can be sustained forever and that the natural environment is not an important constraint on growth. The authors conclude that the theoretical work of ecological economics and its counterpart in the business world, ‘natural capitalism’ is a far more sensible paradigm for business.