The goal of this text is to provide a unifying framework for managerial decision-making around the theory of the firm. It integrates traditional managerial coverage with modern management techniques and theory, within the context of global economic realities.
Managerial Economics in a Global Economy synthesizes economic theory, decision science, and various aspects of business administration studies, examining how they interact as a firm attempts to reach optimal profitability and efficiency in the face of constraints. It features 129 real-world case studies and six longer, detailed studies--more than any other text on the market. In addition, author Dominick Salvatore fully integrates material on the international ramifications of managerial decisions into the entire text, instead of segregating it in a separate chapter or in a few case studies.
The book is divided into five parts. Part One examines the nature and scope of managerial economics, presents the theory of the firm, and reviews optimization techniques. Part Two analyzes demand. Part Three presents the theory and measurement of the firm's production and costs. Part Four brings together demand analysis with production and cost analysis to show how price and output are determined under various forms of market organization. Part Five examines regulation and antitrust, the role of government in the economy, risk analysis, long-term investment decisions, and capital budgeting.
Dominick Salvatore is Distinguished Professor of Economics and the Director of the Ph.D. Program in Economics at Fordham University in New York City. He is Honorary Professor at the Shanghai Finance University, Hunan University, and University of Pretoria; Visiting Professor at various universities, including University of Rome, American University in Cairo, University of Pretoria, Peking University, University of Trieste, and University of Vienna. Dr. Salvatore is a Fellow of the New York Academy of Sciences and past Chairman of its Economics Section. He is also the past president of the North American Economic and Finance Association (NAEFA) and the International Trade and Finance Association (ITFA). He is a Consultant to the United Nations, the World Bank, the International Monetary Fund, the Economic Policy Institute, and several multinational corporations and global banks. He is the co-editor of the Journal of Policy Modeling and past co-editor of Open Economies Review and The American Economist, as well as past Editor of the Handbook Series in Economics, Greenwood Press. He has given more than 500 lectures around the world, was awarded the Achievement Award by the City of University of New York in 1997, the Order of the Knights of Malta, and was nominated for the 2010 National Medal of Science awarded by the President of the United States.
Dr. Salvatore is the author of the world's leading textbook on international economics. His Theory and Problems of Microeconomics has been translated into 18 languages, with more than 800,000 copies sold. In all, he has published 54 volumes.