Managerial Economics: A Problem-Solving Approach by Luke M. Froeb, Brian T. McCann

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Synopsis

This breakthrough text shows MBA's how to use economics to solve business problems. Succinct, faced paced, and challenging, students should be able to read the book from cover to cover and come away with good understanding of how to diagnose business problems, and then fix them.

Biography

When Luke Froeb began teaching at Vanderbilt business school, he taught economics as he had learned it, using formal models and public policy applications. His students could not see its relevance to business, and the Dean threatened to fire him unless customer satisfaction increased.

So he abandoned the public policy applications and began teaching students to exploit inefficiency as a money-making opportunity. He changed from a model-based to a problem-based pedagogy by focusing on business mistakes. He used models sparingly and only to the extent that they helped students to solve business problems. He reduced the analysis to a single lesson that tied the different applications together.

Then, together with Brian McCann, the best student he ever had, they wrote it all down. The result is this book, Managerial Economics: A Problem Solving Approach.

After a stint as Chief Economist at the FTC, Froeb returned to Vanderbilt where he has won "Outstanding Professor" of the Executive MBA program at Vanderbilt for the past two years. When he is not doing the professor thing, he does business and antitrust consulting. Froeb received his undergraduate degree from Stanford and a PhD in economics from the University of Wisconsin. Brian T. McCann received his MBA from Vanderbilt University where he earned the Founder's Medal as the top graduate in his class. Brian is currently pursuing a Ph.D. in strategic management at Purdue University and has taught both managerial economics and strategic management classes at the MBA level.