Since World War II several new areas of economic study have emerged. Radical, environmental, urban, energy, and managerial economics now all receive concentrated attention. Joel Dean was primarily responsible for the development of managerial economics and the management of corporate capital as two separate areas of economic study. Although microeconomics has been studied for many years, its practical usefulness to the business world has been frequently challenged. Dean believed that economics must be practical—a belief frequently expressed both in the content of his writings and in the character of his published empirical research.
Although corporate finance has been a part of the business curriculum for decades, conventional textbooks have centered their attention on the firm's financial structure, that is, its