The Nature and Importance of Economic Competence

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Abstract
In this paper we define economic competence as the ability to identify, expand and exploit business opportunities. Economic competence constitutes the means through which technological possibilities are converted into economic activity. It consists of four types of capabilities: (i) selective or strategic; (ii) organizational or coordinating; (iii) technical; and (iv) learning ability. The purpose of the paper is (i) to survey the study of economic competence as it appears in economic literature; (ii) to give a meaningful and operational definition of economic competence as one of the factors contributing to macroeconomic growth; and (iii) to suggest a methodology to generalize and link economic competence, as defined at the micro (firm, individual) level, to macroeconomic growth, through simulation on the micro-based macroeconomic Model of the Swedish Economic System (MOSES).

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