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Chapter 1. 2 Building the Microeconomic Foundations of Prosperity : Findings from the Microeconomic Competitiveness Index

By Porter, Michael E.

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Book Id: WPLBN0000042427
Format Type: PDF eBook
File Size: 0.3 MB
Reproduction Date: 2005
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Title: Chapter 1. 2 Building the Microeconomic Foundations of Prosperity : Findings from the Microeconomic Competitiveness Index  
Author: Porter, Michael E.
Volume:
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Historic
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Publisher: The World Bank

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Porter, M. E. (n.d.). Chapter 1. 2 Building the Microeconomic Foundations of Prosperity : Findings from the Microeconomic Competitiveness Index. Retrieved from http://hawaiilibrary.net/


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Economics

Excerpt
Introduction: Competitiveness has become a central preoccupation of both advanced and developing countries in an increasingly open and integrated world economy. Despite its acknowledged importance, the concept of competitiveness is often misunderstood. Here, we define competitiveness concretely and outline its direct relationship to a nation?s standard of living.The Microeconomic Competitiveness Index provides a conceptual framework and a data-rich approach to measuring and analyzing the fundamental competitiveness of a large number of countries in a comparative context. Much discussion of competitiveness and economic development has focused on the macroeconomic, political, legal, and social circumstances that underpin a successful economy. It is well understood that sound fiscal and monetary policies, a trusted and efficient legal context, a stable set of democratic institutions, and progress on social conditions contribute greatly to a healthy economy. However, these broader conditions are necessary but not sufficient, providing the opportunity to create wealth but not by themselves creating wealth.Wealth is actually created in the microeconomic level of the economy, rooted in the sophistication of company strategies and operating practices as well as in the quality of the microeconomic business environment in which a nation?s firms compete. Unless there is appropriate improvement at the microeconomic level, macroeconomic, political, legal, and social reforms will not bear full fruit.

 

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