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Are Economists Really Superior to Accountants?


The academic field of economics is sometimes referred to as the holy social science. This is partly because its mission is to explain human behavior in terms of how money is earned and deployed. A dictionary definition for economics is "having to do with 1) the management of production, distribution and consumption of wealth, and 2) the management of income, expenditures, etc. of a household, private business, community or government."1 Many economists have sizable egos, and some of them place the position of their profession well above their colleagues in the fields of financial and managerial accounting. However, recent advances in theory and practices originating from the managerial accountants may cause the economists to reconsider whether they rank superior to accountants in the pecking order of management disciplines.

Cost Impacts of Broadening from Simplicity to Complexity

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