Managerial Economics

Managerial Economics- why effective human skills are important to develop professional managers

With the expansion of Liberalization Privatization and Globalization (L.P.G.) policies and in this era of a non-static global business environment, it is essential as well as important to develop competent managerial talent for making resources useful and achieving high levels of competitiveness and productivity in organizations.

The concepts of Managerial Economics aim at nourishing the students with effective human and conceptual skills, along with comprehensive knowledge & principles of achievement to develop students as dedicated, devoted, responsible, and active managers.
It helps them in honing their hidden talent, sparking their curiosity, developing leadership qualities amongst them and the ability to influence and change their institute and society in totality in a positive, significant and harmonious manner; thereby enabling them to reach the pinnacle of their potential and capabilities.

The core objective of the subject is to use the micro-economic concepts and involve their application in evaluating business decisions, which are routinely taken by firms at every level and scale. The emphasis is on understanding how the tools of standard price theory can be engaged or employed to devise a decision trouble or difficulty, evaluate alternative courses of action and finally choose among alternatives.

Economics as a concept when used in practice as well as in real life situations is unbounded in nature, that is, it does not have any finite end to it with the main principle being ‘human wants are not limited in nature’, starting from essential and indispensable household needs of pricing and demand, analyzing the various bundles of goods available in the market, buying a portfolio of securities, evaluating the risks involved in taking and making some decisions, to calculating the Gross Domestic and Gross National Product of a nation, the list is endless.

Managerial economics till a certain degree is dogmatic in nature as it suggests course of action to a managerial problem. Problems can be related to a variety of departments in an organisation like production, accounts, sales, etc.

Almost any business decision can be analyzed with managerial economic techniques.

Since the economic theory as a subject has its horizons in almost every area of work, the career prospects are abundant; a person can enter the field of marketing, become a financial adviser, stock broker, an analyst, an entrepreneur, etc.

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