michael porter economic development
), Competition, Competitive Advantage, and Clusters: The Ideas of Michael Porter (pp. michael has 9 jobs listed on their profile. Michael Porter has founded three major non-profit organizations: Initiative for a Competitive Inner City – ICIC, founded in 1994,[10] and which he still chairs,[11] which addresses economic development in distressed urban communities; the Center for Effective Philanthropy, which creates rigorous tools for measuring foundation effectiveness; and FSG Social Impact Advisors, a leading non-profit strategy firm which he co-founded with Mark Kramer,[12] serving NGOs, corporations, and foundations in the area of creating social value. Michael E. Porter. Michael Porter’s research and frameworks on competitiveness and Michael is Honorary Research Professor of Public Policy at the Centre for Regional and Rural Futures within Deakin University. Michael Porter, Bishop William Lawrence University Professor at Harvard Business School and founder of the Institute for Strategy and Competitiveness, also at Harvard, notes that there is an escapable linkage between the prosperity of regional economies and the health of their colleges and universities. Michael Eugene Porter received a BSE with high honors in aerospace and mechanical engineering from Princeton University in 1969, where he graduated first in his class and was elected to Phi Beta Kappa and Tau Beta Pi. engage all stakeholders, boost innovation Bishop William Lawrence University Professor, Learn how and when to remove this template message, "Michael Porter on Creating Competitive Advantage for Yourself", http://onlinelibrary.wiley.com/doi/10.1002/smj.4250121008/abstract, http://onlinelibrary.wiley.com/doi/10.1002/(SICI)1097-0266(199707)18:1%2B%3C15::AID-SMJ916%3E3.0.CO;2-1/abstract, "How Smart, Connected Products are Transforming Competition", How Smart, Connected Products are Transforming Companies", Why Every Organization Needs an Augmented Reality Strategy", Why Competition in the Politics Industry is Failing America, "Clinical Registries: The Opportunity For The Nation. (1991) "Towards a Dynamic Theory of Strategy", McGahan, A.M. & Porter, M.E. View Michael Porter’s profile on LinkedIn, the world’s largest professional community. Sharp, Byron; Dawes, John (1996), "Is Differentiation Optional? Kim JY, Rhatigan J, Jain SH, Weintraub R, Porter ME. Porter, M.E. Porter This new direction of economy, which included geography as a science, mostly dealt with the issue of competitiveness. Porter, M.E. Understand the key concepts of national competitiveness, business environment quality, clusters, stages of development, roles of government, and economic strategy. Porter serves as the Chair of … [5], During April 2014, Porter discussed how the United States ranks relative to other countries on a comprehensive scorecard called "The Social Progress Index", an effort which he co-authored. (2001) "Strategy and the Internet". Michael Eugene Porter is an academic known for his theories on economics, business strategy, and social causes. Strategy is also an essential tool for leaders of cities, states, regions and nations. The book received the James A. Hamilton award of the American College of Healthcare Executives in 2007 for book of the year. (2011). The cluster concept has rapidly attracted attention from governments, consultants, and academics since it was first proposed in 1990 by Michael Porter Professor Porter has had leadership roles in universities, a think tank in Department of Prime Minister and Cabinet (DPM&C), central banking and international institutions as well as in the private sector, specialising in advancing economic reform […] [13], Porter has been criticized by some academics for inconsistent logical argument in his assertions. His book, Redefining Health Care (written with Elizabeth Teisberg), develops a new strategic framework for transforming the value delivered by the health care system, with implications for providers, health plans, employers, and government, among other actors. 20080611 –Brookings Summit for American Prosperity 9 Copyright 2008 © Professor Michael E. Porter The Process of Economic Development Shifting Roles and Responsibilities Old Model •Government drives economic development through top down policy decisions and incentives New Model •Economic development is a collaborative process involving "[3], Porter wrote "The Competitive Advantage of Nations" in 1990. This website introduces the frameworks and key concepts that are a foundation for understanding competitiveness. Michael Porter is the author of 20 books and numerous articles including Competitive Strategy, Competitive Advantage, Competitive Advantage of Nations, and On Competition. In 1983 Michael Porter co-founded the Monitor Group, a strategy-consulting firm. In addition to his research, writing, and teaching, Porter serves as an advisor to business, government, and the social sector. A Critique of Porter's Theory of National Competition as Applied to Canada, New Zealand and Australia," Australian Journal of Management, 17 (No. Porter, M.E. The purpose of the corporation must be redefined around How to reinvent capitalism—and unleash a wave of innovation and growth by Michael E. Porter and Mark R. Kramer January–February 2011 Harvard Business Review 3 geographic concentrations of interconnected companies and institutions in a particular field Why Competitive Strategy Succeeds - and With Whom. Offered at Harvard and 100+ affiliated universities around the world, MOC explores the determinants of competitiveness and successful economic development. "Applying the Care Delivery Value Chain: HIV/AIDS Care in Resource Poor Settings. Cluster development (or cluster initiative or economic clustering) is the economic development of business clusters. (2008) "The Five Competitive Forces That Shape Strategy". In Robert Huggins & Hiro Izushi (Eds. He proposed the "diamond" framework, a mutually-reinforcing system of four factors that determine national advantage: factor conditions; demand conditions; related or supporting industries; and firm strategy, structure and rivalry. Rhatigan, Joseph, Sachin H Jain, Joia S. Mukherjee, and Michael E. Porter. economic development grew out of his seminal work in corporate (1989), "Oh Mr Porter! 6–7 (2003): 545–46. 5, September/October), 28–32. to set policies that sap economic growth…. [citation needed] He also plays an active role in U.S. economic policy, working with the Executive Branch and with Congress, and has led national economic-strategy programs in numerous[quantify] countries. 33-55). Michael Porter who has “developed one of the most. Clear economic strategies that Porter, M.E. 1, June), 89–120. This initiative seeks to catalyse the development of businesses in and working out of inner cities. In 2000, Michael Porter was appointed Bishop William Lawrence University Professor at Harvard, the university's highest recognition awarded to Harvard faculty. [14] Critics have also labeled Porter's conclusions as lacking in empirical support and as justified with selective case studies. Deloitte Consulting acquired the Monitor Group in 2013 through a structured bankruptcy proceeding.[9]. Why are some nations or regions more prosperous than others? Corporate strategy. especially critical in times of austerity or (1990), "Flaws in Porter's Competitive Diamond?," Planning Review, 18 (No. A nation’s business environment evolves to support and encourage increasingly sophisticated and productive ways of competing by firms based there. Porter, M.E. A six-time winner of the McKinsey Award for the best Harvard Business Review article of the year, Professor Porter is the most cited author in business and economics. Explore this content in two tracks: Frameworks & Key Concepts or Research & Applications. He has served as strategy advisor to numerous leading U.S. and international companies, including Caterpillar, Procter & Gamble,[8] Scotts Miracle-Gro, Royal Dutch Shell, and Taiwan Semiconductor. Professor Porter once served on two public boards of directors, those of Thermo Fisher Scientific and Parametric Technology Corporation. regional economy and the development of economic geography, giving economic thought a new impetus. He is a University Professor at Harvard Business School. Jain SH, Weintraub R, Rhatigan J, Porter ME, Kim JY. This process can be described as a sequence of stages, each with a different set of economic characteristics and challenges. economic distress. Competitive advantage. Yet it is increasingly evident that a model of human development based on economic progress alone is incomplete. Michael E. Porter. (1979) "How Competitive Forces Shape Strategy". Executive Summary: Competitiveness and Stages of Economic Development MICHAEL E. PORTER, Institute for Strategy and Competitiveness, Harvard Business School JEFFREY D. SACHS, Center for International Development at Harvard University JOHN W. MCARTHUR, Center for International Development at Harvard University This year’s Global Competitiveness Report appears in the The … Allio, Robert J. He also currently serves on the Board of Trustees of Princeton University. no. [4][15][16][17] Others have argued Porter's firm-level analysis is widely misunderstood and mis-taught. Porter, M.E. The theory of competitive advantage was created by Michael E. Porter, starting from the actual economic reality which could no longer be explained on the basis of the model of comparative advantages, elaborated by David Ricardo. Location, Competition, and Economic Development: Local Clusters in a Global Economy Show all authors. A Critique of Porter's Generic Strategy Typology," in Management, Marketing and the Competitive Process, Peter Earl, Ed. [4], Porter stated in a 2010 interview: "What I've come to see as probably my greatest gift is the ability to take an extraordinarily complex, integrated, multidimensional problem and get arms around it conceptually in a way that helps, that informs and empowers practitioners to actually do things. & Teisberg, E.O. This view of agglomeration economies based on industrial clusters derives largely from the work of Michael Porter. (1987) "From Competitive Advantage to Corporate Strategy". Also, learn more about the "Microeconomics of Competitiveness" (MOC) course led by Michael Porter and offered at Harvard and 100+ affiliated universities around the world. He received an MBA with high distinction in 1971 from Harvard Business School, where he was a George F. Baker Scholar, and a PhD in business economics from Harvard University in 1973. He is credited for creating Porter's five forces analysis, which is instrumental in business strategy development today. 4 Joseph Cortright, Making Sense of Clusters: Regional Competitiveness and Economic Development (The Brookings Institution, March Economic Development Quarterly 2000 14: 1, 15-34 Download Citation. and ultimately improve productivity are & Kramer, M.R. Economic growth has lifted hundreds of millions of people out of poverty and improved the lives of many more over the last half-century. They have also claimed that Porter fails to credit original creators of his postulates originating from pure microeconomic theory. Michael Porter created Porter’s five forces analysis, which is instrumental in business strategy development. Book or check speaking availability for Michael Porter, economist & the world’s leading authority on Business Strategy and international competitiveness. Michael Eugene Porter (born May 23, 1947)[2] is an American academic known for his theories on economics, business strategy, and social causes. London: Edward Elgar. ... CEDA - Committee for Economic Development of Australia Jun 1998 - Jun 2011 13 years 1 month. [3], Porter credits Harvard professor Roland "Chris" Christensen with inspiring him and encouraging him to speak up during class, hand-writing Porter a note that began: "Mr. Porter, you have a lot to contribute in class and I hope you will." Porter said in an interview that he first became interested in competition through sports. Traditional economic theories fail to capture many of the underlying forces at work in today’s global economy. Apr 9, 2015 Michael Porter. Explore research and real-world applications for specific cases: nations, cross-national regions, states & regions, inner cities, rural areas, and clusters. The private economic sector should be the leading economic sector in the economic development. [3], At Harvard, Porter took classes in industrial organization economics, which attempts to model the effect of competitive forces on industries and their profitability. Michael has 2 jobs listed on their profile. [6] This scorecard rated the U.S. on a comprehensive set of metrics; overall, the U.S. placed 16th.[7]. strategy. The book is based on studies of ten nations and argues that a key to national wealth and advantage was the productivity of firms and workers collectively, and that the national and regional environment supports that productivity. His New England Journal of Medicine research article, "A Strategy for Health Care Reform—Toward a Value-Based System" (July 2009), lays out a health reform strategy for the U.S. His work on health care is being extended to address the problems of health care delivery in developing countries, in collaboration with Dr. Jim Yong Kim, Sachin H. Jain, and others at the Harvard Medical School and Harvard School of Public Health. Harvard Business School See all articles by this author. There has been much written on industrial agglomeration, but it is Michael Porter’s cluster theory, above all others, which has come to dominate local and regional economic development policy. ", "The Five Competitive Forces That Shape Strategy", "THE FALSE EXPECTATIONS OF MICHAEL PORTER'S STRATEGIC MANAGEMENT FRAMEWORK", "UPDATE 1-Monitor Company files for Chapter 11; Deloitte to buy assets", "Initiative for a Competitive Inner City", "Most Influential Management Books of the 20th Century", Institute for Strategy and Competitiveness at Harvard Business School, Porter proposals for reforming the delivery of health care, Biography at Harvard Business School Faculty Pages, Michael Porter's Author profile and bibliography from Shelfari, https://en.wikipedia.org/w/index.php?title=Michael_Porter&oldid=999584901, Articles with unsourced statements from June 2018, Articles containing potentially dated statements from 2009, All articles containing potentially dated statements, Wikipedia articles with BIBSYS identifiers, Wikipedia articles with CANTIC identifiers, Wikipedia articles with CINII identifiers, Wikipedia articles with MusicBrainz identifiers, Wikipedia articles with PLWABN identifiers, Wikipedia articles with SELIBR identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License. As of 2009[update] he was working with the presidents of Rwanda and South Korea. (2006) "Redefining Health Care: Creating Value-Based Competition On Results", Harvard Business School Press, 2006. A Re-Appraisal of Competitive Strategy," Marketing Intelligence and Planning, 7 (5/6), 8–11. Oxford: Oxford University Press. and nations. He infused a rigorous theoretical framework of industrial organization economics with the then still embryonic field of strategic management and elevated it to its current status as an academic discipline. [3], Michael Porter is the author of 20 books and numerous articles including Competitive Strategy, Competitive Advantage, Competitive Advantage of Nations, and On Competition. Yetton, Philip, Jane Craig, Jeremy Davis, and Fred Hilmer (1992), "Are Diamonds a Country's Best Friend? [18], For other people named Michael Porter, see, date & year of birth, full name according to LCNAF. Porter, M.E. Speed, Richard J. His work has been adopted by the OECD, EU, national and local governments the world over. Michael Porter’s research and frameworks on competitiveness and economic development grew out of his seminal work in corporate strategy. MICHAEL PORTER: CONTRIBUTIONS Intellectual Leader in Modern Competition and Strategy Objective Focus: How Firms and Nations can build Competitive Advantage and Strategy Redefined Thinking about: Competitiveness Economic development Economically distressed urban communities Environment policy Role of Corporations in Society 18 Books and 125 articles … Porter’s research on the economic development of the inner cities of America spearheaded the founding of a nonprofit initiative (termed The Initiative for a Competitive Inner City). What conditions enable global corporations or local businesses to innovate and grow? Michael Porter's father was a civil engineer and Georgia Tech graduate who had gone on to a career as an army officer. Michael E. Porter. This study inspired the Porter five forces analysis framework for analyzing industries. This case describes the economic development problems faced by the small Caribbean-island country of Jamaica over most of … 4 (2000): 303–25; Michael Porter, “The Economic Performance of Regions,” Regional Studies 37, no. "The Arab Spring of 2011 and the challenges in Mexico over the last decade, have illustrated the shortcomings of economic growth as a proxy for social progress," says Porter. "From a declaration of values to the creation of value in global health: a report from Harvard University's Global Health Delivery Project". Harvard’s Michael Porter Unveils New Tool to Improve Economic Development. Michael Porter defines competitiveness based on productivity and focuses on the microeconomic foundations of competitive advantage that underpin productivity in nations, regions and clusters. "Delivering Global Health". (2006) "Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility". Porter has devoted considerable attention to understanding and addressing the pressing problems in health care delivery in the United States and other countries. Successful economic development is a process of successive upgrading. ", “Retrospective: Michael Porter's Competitive Strategy.”, This page was last edited on 10 January 2021, at 23:08. Abstract. The competitive advantage of nations. He is the Bishop William Lawrence University Professor at Harvard Business School, and he was one of the founders of the consulting firm The Monitor Group (now part of Deloitte) and FSG, a social impact consultancy. Strategy is also an essential tool for leaders of cities, states, regions Information, incentives, and infrastructure were also key to that productivity. See Competitiveness Profiles for Each U.S. State, by Mercedes Delgado, Christian Ketels, Michael E. Porter and Scott Stern, Copyright © President & Fellows of Harvard College, The Determinants of National Competitiveness, State Competitiveness: Creating an Economic Strategy in a Time of Austerity, National Governors Association Winter Meeting. All over the world these terms quickly bring to mind the groundbreaking work of HBS professor Michael Porter, whose two decades of research on these and related topics have resulted in more than fifteen books and sixty articles.Much of Porter's thinking originally appeared in the pages of the Harvard Business Review. To check availability and speaker fee for Michael Porter contact Promotivate Speakers Agency International on +442078711829 or ask@pro-motivate.com Spender, J.-C., & Kraaijenbrink, Jeroen. See the complete profile on LinkedIn and discover Michael’s connections and jobs at similar companies. Harvard Business School professor Michael E. Porter is considered the founder of the modern field of business strategy. Harvard professor, Michael Porter has been one of the most influential figures in strategic management research over the last three decades. Professor Porter, the author of 17 books and over 125 articles, is a leading authority on competitive strategy and the competitiveness and economic development of nations, states, and regions. investment and growth), the organization and structure of economic activity (e.g., the extent of local rivalry and the extent of agglomeration spillovers from cluster development), and the use of sophisticated business management practices (e.g., whether firms use incentive pay). ... nomics, innovation, the economic development of nations, regions, and cities, corporate philanthropy, and envir on- Competitiveness is the only way to achieve sustainable job growth, improve wages, and raise the standard of living—yet the real meaning of competitive advantage is poorly understood. (1997) "How Much Does Industry Matter, Really?". He was on the NCAA championship golf squad at Princeton and also played football, baseball and basketball growing up. MINNEAPOLIS— Michael E. Porter, Harvard’s Bishop William Lawrence University Professor, based at Harvard Business School, launched the new U.S. A six-time winner of the McKinsey Award for the best Harvard Business Review article of the year, Professor Porter is the most cited author in business and economics. Porter reached the top of the class by the second year at Harvard Business School. Perhaps the most important theory of the business economy strategy is the theory of clusters of Michael Porter. Porter. View michael porter’s profile on LinkedIn, the world’s largest professional community. Businesses to innovate and grow co-founded the Monitor Group, a strategy-consulting firm an interview that first! ( no Re-Appraisal of Competitive Strategy, '' in Management, Marketing and the development business. 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