Role of International Managerial Economics

Like most economics branches, international economics employs similar fundamental analytical methods since organizational and individual motivation and behavioural patterns are similar within international trade as in domestic trade. However, international economics goes beyond this by assessing various issues linked to the economic interactions between countries. The various factors that set apart international economics from international trade include the evaluation and focus on international trade patterns, protectionism, policy coordination, international exchange rates, and the global capital market, among others. While international economics pursues this, international managerial economics has a more advanced spectrum, mostly dealing with microeconomics, with the overall objective being the increment of productivity and profitability. 

There are various roles of international managerial economics as shown in Figure 4.1 and 4.2. Foremost, this field’s main role is the evaluation of economic patterns at micro-levels and the evaluation of markets at micro-levels. The second role of international managerial economics is examining the ever-changing economic environment while determining whether it is profitable to a given organization (Sahuraja, 2019). Another role of international managerial economics is developing informed and strategic decisions by selecting the best available alternatives choices that would benefit organizations or the economy. The role reveals that international managerial economics is a normative approach. 

 

“Normative Approach: As such there are two approaches to the study of science; namely the Positive approach and the Normative approach. In positive approach we are concerned with the situation ‘as it is’, whereas in case of normative approach we are concerned with the situation ‘as it ought to be’. Robbins has made economics a pure and positive science. Its purpose is only to describe and not to prescribe. It is only a light-bearing science and not a fruit bearing one; whereas Managerial Economics adopts a normative approach. Its purpose is not only to describe but more so to prescribe. It is the fruit-bearing science” (Sahuraja, 2019, p.4). 

 

Consequently, international managerial economics assists in the determination of pricing strategies for products and services. Since the field has various useful managerial economic tools that have insight into the international markets and economies, it helps in the decision-making processes, including the determination of pricing strategies. It also helps in the analysis and development of investment plans, evaluation of the industrial market, and the determination of an organization’s or country’s competitive position. Therefore, international managerial economics’s roles are limitless, thereby proving the necessity of the field in today’s globalized economies. 

Figure 4.1: Concepts and Roles of Managerial Economics

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Emmanuel Addo
Founder
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Emmanuel Addo is the founder of the Young Global Leaders Network, an international non-governmental organization registered in six (6) countries namely, Ghana, United Kingdom, Nigeria, Sierra Leone, Democratic Republic of Congo, and South Sudan and has a membership strength of over 15,000 young black professionals, students, graduates, and aspiring leaders.

The organization also operates in 25 other African countries. Emmanuel also doubles as the chief convener and founder of the Young African Leaders Summit, one of the largest continental youth summits in Africa.  

Currently works at Kingston University as a Business Engagement Team Member in their Partnerships and Engagement Department. 

He characterizes energy, integrity, result-oriented, and ground-breaking service in each detail of strategic management, change management, stakeholder management, and leadership acquaintances.
Emmanuel owns a core background in Sociology and Psychology from the University of Ghana.

Leveraging his experience as a youth activist and a dynamic young man, Emmanuel founded the Young Global Leaders Network, a youth organization that comprises young diplomats, young politicians, and aspiring politicians, business/entrepreneurial business leaders with the aim of championing a mutual agenda for the African youth and promoting youth participation in governance as well as promoting entrepreneurial culture.
Emmanuel nurtures an environment of teamwork and has expertise in data collection and analysis as well as both quantitative and qualitative methods.

Emmanuel worked as an Associate Lecturer at the London College of Advanced Management where he delivered a wide range of business management courses that involved principles of marketing, leadership, operation management, and research methods. Emmanuel has always maintained high teaching and learning standards to ensure that his students’ stand out in academic achievements and successful progression. As a stout believer and passionate key player in volunteering; Emmanuel creates quality time to giving back gladly to his community what he has learned and to educate individuals with free consultancy on career development. He is a leader anyone would love to look up to and with great integrity, commitment, and passion to make the world a better place.
Emmanuel worked as Qualifications Manager at the Open University in the UK.

Emmanuel is also the founder of Kickstart Innovation Hub Ltd, the entrepreneurial hub of Young Global Leaders Network.