AboutWarren D. Miller, CFA, ASA, CPA Expertise My in-depth knowledge of economics is confined to three sub-disciplines: Austrian economics, industrial organization, and evolutionary economics. Other questions dealing with macroeconomics, the traditional neoclassical paradigm, labor economics, environmental economics, agricultural economics, health economics, and so on should go to those who have the appropriate expertise. N.B.: I DO NOT ANSWER QUESTIONS MARKED 'PRIVATE' because I believe that knowledge should be shared, not hoarded. I also believe that such questions are likely to come those trying to cheat.
In addition, please don't be like the businessman who posted a request for help in August 2008. He expressly denied that he was seeking "investment advice" and said that his query was for, and I quote, "educational and informational purposes." In a follow-up query, however, he allowed as how his first questions related to the possible purchase of a $500,000 piece of equipment. Well, he was trying to get for free the kind of sophisticated advice that our clients pay for. I told him that I thought he had not been forthcoming in what he said initially (I was being polite). Bottom line is this: high-end business consulting is what I do for a living. I am the sole support for my family. Please respect that fact and don't try to steal what our clients pay for. That demeans you and insults me.
Experience I work with Austrian economics (which is different in major respects from the traditional neoclassical model), industrial organization (which is about industry structure, conduct, and performance), and evolutionary economics (almost, but not quite, the economic analog of its biological counterpart) everyday in my work. I appraise closely-held businesses, provide exit-planning services, and offer high-level strategic analysis, advice, and clients to CEOs and owners of mid-sized businesses. Understanding, applying, and writing about these disciplines is an essential part of how I have made my living since 1993.
Organizations CFA Institute, Strategic Management Society, American Society of Appraisers, Institute of Management Accountants, Academy of Management, Culver Legion
Publications CFA Magazine, Valuation Strategies, Value Examiner, Journal of Advanced Property Economics, Harvard Business Review, American Fly Fisher, CFA Digest, CPA Expert, and Business Valuation Review, among others
Education/Credentials MBA - Oklahoma State (1991)
BBA - U. of Oklahoma (1975)
Chartered Financial Analyst designation (2006)
Accredited Senior Appraiser (2006)
Certified Management Accountant (1992)
Certified Public Accountant (1992)
Question QUESTION: Mr Miller,
iam an economics undergraduate student.this fall i transfer to another university.it appeared that the university i transfered to changed programs and non of advisers told me.so this semester iam taking a course called managerial economics.
what iam trying to do is to present a petition to transfer managerial econ. course(of old program) with intermediate microeconomics (new program).before i present my prtition i want to ask if the two courses could be replaced or they are totally different subjects.
i would appreciate any information you support me
thank you, regards
ANSWER: Dear Ziad--
Thank you for your note, and thank you for using AllExperts.com.
Unfortunately, without additional information, I cannot understand exactly what it is that you want me to do. Even if I did, however, I would need to see the syllabuses from each of the courses in question, and I would also want to know what grade(s) you made in the course(s) you want to substitute into the new curriculum at your new college.
If you're willing to share syllabuses (a.ka. 'syllabi'), please email them to me as file attachments @ cfa2005@gmail.com. Please include the grade(s) you made, the name of the former university and the name of the new one. Also, please explain exactly what it is that you're asking me to do.
If I think the situation warrants my support of what you want to do, I'll say so. And if I think it doesn't, I'll explain why.
Hope this is acceptable to you.
Take care--
Warren
---------- FOLLOW-UP ----------
QUESTION: Mr. Warren
i do ofcourse appreciate your help.actually the courses i was talking are in same university.what i meant was that i transfer from a university to another (current one) and non of the advisers told me that i have to follow new program.i discovered this semester the issue .the courses i mentioned iam taking them now and so far my grade is A.what iam doing is that iam trying to ask as many economics teachers as i could so i gather information before i go and present my petition (as i like to be aware of the matter before).
i asked many teachers about intermediate business statistics (regression, multi regression and such) and they told me it could replace basic econometrics. i also found in some university catalogues that intermediate microecon. is same as managerial econ. (they consider the two as one and students can't take them,just choosing one)
iam sorry for my long reply,but what im doing is to have as many support as i could becuase we have nice reputable universities but internal organization is extremely bad:when they say no, you can't argue them
i thankyou again to at least reading what i wrote
Answer Dear Ziad--
Thank you for you prompt response and for clarifying some matters. I'm still not sure what you want me to do, but let me try to help anyway. If, for some reason, what I say here is not what you need, please don't hesitate to post again, say that, and tell me more precisely how I can help you.
1. In my experience, Managerial Economics is a graduate course, usually for non-majors in economics. Most commonly, I've seen it as an MBA course. I just pulled out my book from 1985 and looked at the table of contents. It focuses heavily on subject matter that is reminiscent of Intermediate Micro, but on a higher level.
2. Whether you choose Econometrics or Intermediate Business Statistics depends on, in my opinion, whether you intend to pursue either a master's or a doctorate in economics. If you expect to get a graduate degree in economics, you're going to have to master Econometrics, even though, in my opinion, it is a bunch of quantitative nonsense because of the absurd and unrealistic assumptions it must make to produce the mathematics it produces. But you have to master it before you can criticize it or surrender to it, whichever you choose to do
3. If you have read certain other posts I have made in this forum, you have read that I'm no fan of the neoclassical perspective with all of its silly and unrealistic assumptions, especially having perfect information. Because of those deficiencies, my approach to economics has evolved in recent years to being distinctly Austrian. If you've not read any of the Austrian economists, I strongly, strongly recommend that you do so. In particular, you should find anything by Friedrich von Hayek (Noble Prize winner in economics in 1974), Ludwig von Mises, or, more currently, Israel M. Kirzner useful. I am now reading an absolutely wonderful (and short!) paperback by Kirzner entitled "How Markets Work: Disequilibrium, Entrepreneurship and Discovery." It's only 78 pages long, but it's one of the very best economics books I've ever read.
4. If you learn about the Austrians (whose perspective has been around since Carl Menger's 1871 book, "Principles of Economics"), you'll find that they have very little regard for the extreme mathematics used by adherents to the neoclassical perspective. I don't, either, and that's why I take such a dim view of Econometrics. It has to assume equilibrium in order to do what it does, but, as we Austrians argue, something as complex as an economy is NEVER in equilibrium. In fact, the Austrians refuse to call an economy a "system" for that very reason. Instead, they call it a 'catallaxy.'
5. Two other huge, huge deficiencies in the neoclassical model is that it totally ignores (a) entrepreneurs and (b) innovation. That's just absurd, but then, I think that most of the neoclassical approach is, too. But anyone who's going to criticize it and have her/his criticism taken seriously must first master the subject matter.
6. So the key question, in my view, is whether you expect to pursue graduate education in economics. Managerial Economics is a course for those who expect to be making business decisions. Intermediate Micro and Econometrics are better suited to those majoring in economics who might also think about graduate degrees in the field.
I hope I've been helpful here, Ziad. If not, please write again and be more explicit about what I can do to help you.
Just in case I've somehow lucked into the kind of advice you are seeking, would you be kind enough to complete the 'rate the expert' email you'll get right after you get this reply? I'd appreciate your help very much. That helps me help folks like you better.
Many thanks, and good luck. Don't hesitate to write anytime.
