Michael E. Porter (Economics)

Michael E. Porter is a prominent economist known for his work in competitive strategy and economic development. He introduced key concepts like the "Five Forces" framework, which helps businesses analyze their competitive environment, and the "Value Chain," which outlines how companies can enhance their efficiency and effectiveness. His research emphasizes the importance of competition in driving innovation and improving productivity. Porter also focuses on the role of clusters—groups of related businesses and institutions in a specific area—as engines of regional economic growth. His insights are widely applied in business strategy, public policy, and economic theory.