Managerial economics in a global economy
- 3rd ed.
- New York McGraw-Hill 1996
- 723 p.
This is a textbook for the traditional course in managerial economics offered in most business and economics programs. The organization of the text and the topics covered follow the traditional way the course is being taught, but they have been greatly extended in many new and exciting directions to reflect modern managerial tools and methods. The primary aims of this text are:
To provide a unifying theme of managerial decision making around the theory of the firm. This text shows how managerial economics is not the study of unrelated topics but the synthesis of economic theory, decision sciences, and the various fields of business administration studies, and it examines how they interact with one another as the firm attempts to reach optimal managerial decisions in the face of constraints.
To introduce an international dimension into managerial economics to reflect the globalization of tastes, production, and distribution in today's world. Other man agerial economics texts include only a few examples or an isolated chapter on the international aspects of managerial economics. This text, on the other hand, fully integrates and discusses, in each chapter and for each topic, the international ramifications of managerial economics in today's global economy. This is essential because many of the commodities we consume are imported, and firms today purchase many inputs abroad and sell an increasing share of their outputs overseas. Even more important, domestic firms face more and more competition from foreign producers.
To present many new topics and managerial tools not discussed at all or discussed only superficially in other managerial texts. These include firm architecture, strategic behavior, business ethics, electronic commerce, the economics of information, international risks, the new (international) economies of scale, and learning curves, as well as the virtual corporation, total quality management, reengineering, benchmarking, the learning organization, the new digital factory, bundling, and the business use of the Internet.