Managerial Economist: Role And Responsibilities

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A managerial economist can play a very important role by assisting the management in using the increasingly specialised skills and sophisticated techniques, required to solve the difficult problems of successful decision-making and forward planning. In business concerns, the importance of the managerial economist is therefore recognised a lot today. In advanced countries like the USA, large companies employ one or more economists. In our country too, big industrial houses have understood the need for managerial economists. Such business firms like the Tatas, DCM and Hindustan Lever employ economists. A managerial economist can contribute to decision-making in business in specific terms. In this connection, two important questions need be considered:

  1. What role does he play in business, that is, what particular management problems lend themselves to solution through economic analysis?
  2. How can the managerial economist best serve management, that is, what are the responsibilities of a successful managerial economist?

 

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