Managerial Economics
Economics for real-world business management
There’s a vacancy in your company, and 500 applicants all want the job. What formula can you use to choose the best candidate? Resources are scarce – so how to negotiate with your fellow managers for more money or new staff? You want to reward your workers, but what sort of bonus scheme is best? And how do you pay them in the first place: per hour, or for the products they produce? In this specialisation, future managers learn how to use economic theories to optimise in-company business practices.
This is the sort of economics you can really use on the work floor of an organisation. But in contrast to management studies – and uniquely to this specialisation – you take a more abstract, meta-level approach. Imagine that there’s a problem in your organisation. You see it from a bird’s-eye view, placing it in the broader theoretical context of the class of problems to which it belongs. You are then able to connect this to a certain class of solutions, which you can subsequently implement in practice. In other words, your strength is in making the transfer from practice to theory, then back to practice again.
