Role and Responsibilities of Managerial Economists: Empowering Business through Methodology and Strategy

Abstract

An appreciation of economics and the general workings of the economy have become increasingly necessary to make sense of government policy-making, the conduct of businesses and the enormous changes in economic systems, which are occurring throughout the world. With the increasing importance of behavioural economics, for business and management, especially with the recent global downturn, managers need to be effectively equipped with economic theories, tools and techniques. Their expertise, efficiency and experience, then will enable them to manage any crisis, adequately. Both theoretically and practically, it is a bridge-building exercise between business and economics. The excellence that managers attain will be rewarding to them and the business environment. This paper highlights how modern manager ought to be a strategist and an economist in terms of her role, responsibilities and qualities.It analyses the emerging parametric convergence between economics and business. It calls forincentivising smart people to engage more in productive rather than unproductive entrepreneurship. The intent is to make way for empowering business, with both firm and market advantages.