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Managerial Economics Definition
So what is Managerial Economics?
Managerial economics definition as given by Spencer and Siegelman is “The integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management”.
Managerial economics definition as given by E.J. Douglas is “Managerial Economics seeks to establish rules & principles to facilitate the attainment of the desired economic goals of management”.
Further Prof. Evan J. Douglas define managerial economics as “Managerial economics is concerned with the application of economic principles and methodologies to the decision-making process within the firm or organization under the conditions of uncertainty.”
While McGutgan and Moyer are of the opinion that Managerial Economics is also concerned with decision making problems of public institutions; Haynes, Mote and Paul have defined managerial economics to exclude the scope of economics of public policy as well as Macroeconomic theory.
Extracting the essence of these definitions of managerial economics we can postulate that Managerial economics is the function of execution of economic theories and methods of decision science to analyze decision -making problems faced by various organizational setting such as firms and government agency. Managerial economics and the business economics are two interchangeable terms.
Managerial Economics applies the principles, techniques and concepts of Microeconomic Theory to solve decision making problems of business and management, using the quantitative analysis techniques of regression, correlation as well as optimization based on Multivariable (Lagrangian) calculus. In managerial economics, students learn about real world optimization problems facing business decisions and management units.
The aim of managerial economics is to derive optimal results from such business decision problems, while taking into account the constraints and restrictions such as scarcity of resources, time and finance. This spans optimizing business decisions for all aspects such as costs, prices, profits, production inputs as well as human resource management.
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The basic function of the management in the business is rational decision making and forward planning. Decision making means the procedure of selection of an optimizing (maximizing earnings and/or minimizing costs) decision from the different alternative available at a given time and forward planning is making plans for future. Future planning, decision making, forecasting of uncertainties is based on demand, production and cost analyze and estimation, under different market condition of the economy.
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