Competitiveness is the key to economic prosperity. People, their skills, knowledge, and productivity are competitiveness drivers.
Globalization trends, technological advances, and the ensuing structural change profoundly impact the nature of the regional economy.
The challenges for traditional manufacturing, agriculture, and service industries are to benefit from the rise of the new economy.
Measuring Competitiveness with Meaningful Indicators
Productivity standards measure the vitality of the region. Competitiveness indicators compare economic performance across states and industries to identify the region’s progress in meeting the challenges of the knowledge economy.
Such indicators also inform policy analysis by providing a framework for leveraging the strengths and addressing the soft spots of the regional economy.
Competitiveness Indicators and Industry Studies fall into three major categories.
Business Environment – macroeconomic framework related to the fiscal budget, business perceptions and the quality of life.
Resource Utilization – human, physical capital, technology and R&D;
Innovation processes – measures of commercial exploitation of science and technology, entrepreneurship, diffusion of knowledge across borders and between firms.
Members of the Economic Policy Research Center have extensive experience in developing and evaluating competitiveness indicators on a regional and industry level.