Origin of Managerial Economics
Managerial Economics Origin of Managerial Economics Managerial Economics lies on the border line of management and economics. It is a hybrid of the two disciplines and is primarily an applied branch of knowledge. The development of the science of managerial economics is of recent origin. After the Second World War, and particularly after 1950, with rapid expansion of international trade, the Business managers faced numerous delicate problems. As Prof. Ansoff rightly says, “Since the early 1950’s confronted with the growing variability and unpredictably of the business environment, business managers ways of adjusting to an exploiting environmental change.” There was a gap between economic theory and correct procedure they have to employ to problems. The problems of the business world attracted the attention of academicians and gave rise to a special treatment of business problems. As a resul...