Most "managerial economics" textbooks are thinly disguised microeconomics texts: highly theoretical, too dependent on abstract and unproven assumptions, and simply undigestible by busy, practical-minded executives/readers. Furthermore, such texts leave it up to the reader to apply their lessons so as to gain value from the knowledge, and to reinforce that knowledge through practice. The "theory of the firm" does not resonate with most corporate executives. But in fact, economic forces drive the context for all our important business decisions: When and how much to expand or contract; which markets to enter and exit; when to raise or lower prices; and how to invest surplus resources (retained earnings for companies and savings for individuals). This book is an application of economics (both micro and macroeconomics) to one of the central challenges of our age for any citizen in a developed economy: How to invest their resources in a changed economic landscape.
Dr. Philip J. Romero is an economist, policy analyst, and applied mathematician. Romero has been a professor of business administration at the University of Oregon's Lundquist College of Business since the summer of 1999, where he holds the Miller chair. From 2008 to 2010 he was the dean of Cal State Los Angeles Business School. From 1999 to 2004 he served as dean at the University of Oregon's business school, where today he teaches a course combining economics and corporate strategy.