Chapter

The Future of Managerial Economics

Jean‐Pierre Ponssard and Hervé Tanguy

in Economics Beyond the Millennium

Published in print September 1999 | ISBN: 9780198292111
Published online November 2003 | e-ISBN: 9780191596537 | DOI: http://dx.doi.org/10.1093/0198292112.003.0011

Series: The ASSET Series

 The Future of Managerial Economics

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The authors adopt a pragmatic view, that of an applied economist within a firm and the problems that he encounters and the tools available to solve them. They assert that significant contextualization is necessary if one is to model problems in a relevant way. They discuss various approaches that have been used. They regard the economist's task in the firm as threefold. Firstly, the economist has to define a framework for assessing decisions and for implementing strategies, Secondly, they regard a realistic approach as one that allows the agents to learn to cooperate, rather than a mechanical maximization exercise. Thirdly, the economist should be able to monitor the performance of decisions taken in the past. They finish optimistically with the thought that microeconomic theory may be closer to answering these needs than is often believed.

Keywords: ex post monitoring; learning; managerial economics; organization; strategies; theory of the firm

Chapter.  6733 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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