These include Macroeconomics, Development Economics, Foreign Direct Investment, International Finance, Econometrics, and Environmental Economics, entrepreneurship, and Sustainable Development, Ethics in Business and Corporate Governance. Major specializations in management across the business schools at the masters’ level are marketing, finance, operations, HRM, General Management, and Information Technology. Economics is the framework under which all these specializations calibrate and fine-tune their focus. For most countries of the world today, particularly for India, the domestic economy is today significantly integrated into the global economy. Innumerable policy changes take place both at the national and international levels making the sectors and firms to fine-tune their internal policies and strategies. Economics is the guiding spirit for the large, medium and small businesses or organisations, which deals with the demand for goods or services, supply, employment, inflation, interest rates, exchange rates, etc. that determine the cost of production and delivery and the profitability to firms.
Economic research, both theoretical and applied, has been the foundation for various domains of management including finance, marketing, operations, strategy, etc. Increased availability of empirical data, estimation methodologies, both government and private sector top managements have been implementing various policies with an objective assessment of the impact of policies on common man and also across various sectors. Sound research-based decision-making helps companies to arrive at well-articulated policies to design and implement. The forecasting and prediction of various scenarios of growth, inflation, interest rates and exchange rates form critical input in decision-making. Impact analysis also depends on the type of policy change envisaged and the underlying assumptions. Marketing budgets, exchange rate models, success of mergers and acquisitions, operations efficiency, costing, profitability, productivity and performance appraisals of employees are the areas that need more research orientation with economic understanding. All these provide an ocean of opportunities for the prospective research scholars in Economics domain.
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