Why is managerial economics pragmatic?

Managerial economics is another way managers look at the steps to making a decision and the potential outcomes of the decision. Managerial economics combines economic and managerial or business theory in the hope of improving decision-making within an organization. In other fields, like healthcare or education, managerial economics is similar to evidence-based decision-making in the respect that decision-making relies on gathering as many relevant facts as possible. The facts are organized into some sort of decision-making system, providing guidance in the present and precedent to follow in the future. This is important because the term "pragmatic" implies decisions can be dealt with in a practical, reasonable, and rational order leading to the best solutions to a problem. The word "pragmatic" is often used to describe a decision-making theory that is entirely built on empirical data.
Without oversimplifying, the philosophy of pragmatism is based on the notion that an ideology, theory, or proposition is true if it works in achieving the desired outcome. If the decision leads to a satisfactory conclusion, then the process behind the decision was correct as well. The success of the application of a theory determines the success of the process behind the approach. In this respect, managerial economics is pragmatic. It examines the outcomes of decisions by digging deep into the details of the decision-making process leading to a logical, successful result. Managerial economics is not inhibited by the broader implications of economic theory on the micro level. They are concerned with the macro issues, which may have a more significant impact on the organization. Managers make decisions daily that impact the organization and, in the absence of hard data, rely on precedent to forecast the potential outcomes. The pragmatic part of managerial economics is the application of previous experience and empirical evidence in support of a rational conclusion to a decision.
Managerial economics is pragmatic because decisions are dealt with in a practical way. Managers have not the time or inclination to delve into the theoretical considerations of decision-making. They need solutions that make sense and are applicable to the situation, recognizing that decision making has unpredictable consequences. Managerial economics tries to remove some of the unpredictability and replace unpredictability with a process that allows managers to make a decision efficiently with the best possible outcome as a result. In this respect, managerial economics can be described as pragmatic decision-making.
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