What can economic theory contribute to managerial economics?



Answer:
Typically new theory takes 20-30 years to filter into MBA textbooks, which then turns into managerial styles down the road.

Black-Scholes is one major example.
"Common Sense"
Managerial economics is a branch of economic theory, so your question makes no sense. It's like asking what mathematics contributes to algebra or what history contributes to medieval studies...

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