So what drives economic prosperity? Is there a simple explanation for how a country can attempt to increase the quality of life of its population through economic growth?
Perhaps one of the best placed people to give us some insight into the question is Professor Stéphane Garelli, heads the World Competitiveness Centre at IMD, Lausanne and a world authority on competitiveness who has pioneered research in this field for 25 years. He has worked in private industry and is also the author of numerous publications on competitiveness and global business including “Top Class Competitors - How Nations, Firms and Individuals Succeed in the New World of Competitiveness”.
Professor Garelii recently spoke at the Deloitte Best Managed Companies event of which IMI are a sponsor. So we took the opportunity to ask him for a definition of what determined economic competitiveness… in just six words.
So, while we tend to view economists and their work as being about predictions (which often end up wrong) instead of about its more important role in giving us an understanding of what determines our quality of life. Economics has a huge impact on our daily lives – so it merits our attention for that reason alone.
But as we can see there are also many parallels between the approach which a country needs to adopt to achieve growth and the strategy that an organisation needs to consider for growth. An an understanding of economic context is critical for any businesses seeking to determine how they themselves can grow competitively.
In conversation with Eva Maguire, IMI
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