Statistical Significance vs. Economic Significance

Statistical Significance	Economic significance
Is it fitted well?	Is it an important factor?
[large] t-stat or [small] p-value	[large] bj values
Low t-stat => need more sample data?	Small bj values => Multicollinearity?

This is a sample regression output from fitlm() in Matlab:

Linear regression model:
    y ~ 1 + x1

Estimated Coefficients:
                   Estimate     SE           tStat     pValue    
    (Intercept)    0.0028283    0.0023652    1.1958    0.23514
    x1             0.91903      0.045009     20.419    2.5487e-34


Number of observations: 86, Error degrees of freedom: 84
Root Mean Squared Error: 0.0143
R-squared: 0.832,  Adjusted R-Squared 0.83
F-statistic vs. constant model: 417, p-value = 2.55e-34