Economics for Managers

by Paul G. Farnham

"Economics for Managers "presents the fundamental ideas of microeconomics and macroeconomics and then integrates them from a managerial decision-making perspective in a framework that can be used by any manager, executive or decision-maker. To be competitive in today's business environment, managers must understand how economic forces affect their business and what must be considered when making business decisions. This is the only book that provides a thorough and applied understanding of both micro- and macroeconomic concepts to the non-economics based reader. The second edition retains all the same core concepts and straightforward material on micro- and macroeconomics while incorporating new case material and real-world examples. Managers and Economics; Demand, Supply, and Equilibrium Prices; Demand Elasticities; Techniques for Understanding Consumer Demand and Behavior; Production and Cost Analysis in the Short Run; Production and Cost Analysis in the Long Run; Market Structure: Perfect Competition; Market Structure: Monopoly and Monopolistic Competition; Market Structure: Oligopoly; Pricing Strategies for the Firm; Measuring Macroeconomic Activity; Spending by Individuals, Firms, and Governments on Real Goods and Services; The Role of Money in the Macro Economy; The Aggregate Model of the Macro Economy; International and Balance of Payments Issues in the Macro Economy; Combining Micro and Macro Analysis for Managerial Decision Making
MARKET For managers and executives with a basic foundation of micro- and macroeconomic concepts who would like to improve their core understanding of these principles in order to apply them from a managerial perspective.

Genres: Textbooks

Hardcover

First published November 18, 2004

Reviews

[Mark Oppenlander · Rating 3 out of 5]

This is a graduate level textbook that includes basic information on both micro and macroeconomics and then tries to relate these topics to the decisions managers must make on behalf of their firms. As a textbook on economics, it succeeds reasonably well. The basic micro and macro economics concepts are handled clearly and quickly.

I also really enjoyed the use of recent real-world examples (e.g. housing crisis, Asian financial markets, Euro zone issues) to explain the various economic concepts. However, the attempt at managerial application is less successful. Farnham often seems to be saying, "Here is a big economic concept and you as a manager need to be aware of it as it could influence the decisions you have to make on behalf of your business." But the how and why of the application is in short supply. I recognize that business decisions are often very industry and market specific. Nonetheless, it feels like a bit of a cop out.

[AtlantaTwin · Rating 3 out of 5]

Loved, loved, loved this class. It opened up my mind to economics and I think I understand current events so much more now when I listen to the news -- I understand the bigger implications of small events. I just can't bring myself to giving a textbook greater tha 3 stars, but would've rated the class as 5 stars. :-)

[Ronald Newton · Rating 4 out of 5]

Excellent presentation of economics with linkages to the real world of management.

My only negative comment is there were maybe too many examples.