Every week, a business school professor, an expert in his or her field, defines a key term on FT Lexicon, our online economics, business and finance glossary.
Our professor this week
Terence Tse is an associate professor at the London campus of ESCP Europe, where he teaches corporate finance.
Before joining ESCP Europe in 2006, he worked at Ernst & Young, focusing on advisory services to the UK financial services sector. Prof Tse began his career as a mergers and acquisitions analyst at Schroders in Montréal and New York. Throughout his career, he has been a consultant to different companies, including a University of Cambridge-based biotech start-up and major corporations such as Laing O’Rouke, Shell, F&C Asset Management, Alitalia and Alliance Boots
He obtained his doctoral degree from the Judge Business School, University of Cambridge, UK. He also holds an MA in corporate strategy and governance from the University of Nottingham, UK, and a masters in economics from the Universität des Saarlandes, Germany. Prof Tse earned his BA in German and economics from the University of Western Ontario, Canada.
He has published a number of articles in the areas of corporate finance and management in English, Chinese and Italian.
Prof Tse has chosen to define the term “competitiveness”.
Why Prof Tse thinks the term competitiveness is important
“Competitiveness matters because it is the key to raising the true measure of prosperity of any nation – standard of living,” says Prof Tse. He believes that simply being competitive, rather than enhancing competitiveness, is insufficient if not harmful to a country. He says industrial policy that depends on low-cost manufacturing implies selling labour power on the cheap.
“Policy makers and businesses should instead look to promoting innovation and improving productivity – and therefore the competitiveness – of a country,” says Prof Tse.
To view Prof Tse’s definition of competitiveness on FT Lexicon click on the link provided on the word.