How Do National Economic Competitiveness Indices View Human Capital?
“Economic competitiveness” is at the top of national, regional and global political and economic agendas. Several countries in all regions of the world have established policies and institutions devoted to economic competitiveness, including in developing and transition countries. This leads to the question of how to define national economic competitiveness and, as a logical consequence, how to measure it. This article provides a critical analysis of two major global indices measuring national economic competitiveness, the World Economic Forum (WEF) and the International Institute for Management Development (IMD), with a special focus on the index published by the WEF due to its broader global coverage. The article shows that human capital has been given relatively little explicit recognition, despite the large weight of human capital in the WEF index. This article asserts through simulations based on WEF data that countries performing poorly in national economic competitiveness rankin
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