Competing resonance and inductive effects in a substituted benzene A molecule of phenol is much more inclined to under go an electrophilic substitution reaction than a molecule of benzene because the $\ce{-OH}$ group is highly reaction favoring. From what I understand, this is because when the $\ce{-OH}$ group is attached, it contributes a resonance structure involving a double bond between the oxygen and the ring, which stabilizes the intermediate arenium ion.

However, from what I also understand, oxygen is also a highly electronegative atom and therefore inductively draws electron density away from the benzene ring. Despite these two competing effects (electron donating via resonance and electron withdrawing via induction), the overall effect of the $\ce{-OH}$ group is electron donating. This also applies to $\ce{-NH2}$ group.

Am I right in concluding that resonance effects are stronger than inductive effects, if not in general, then at least for electrophilic substitution of substituted aryls?
Often, but not always, mesomeric displacement leads to a shift in prevailing over the inductive effect.

Pi-electrons are at the peripheral orbitals. Association with the nucleus is less strong than at the sigma-electrons. The ionization potential of pi-electrons is smaller and chemical bond is more polarizable. Therefore, the dipole moment associated with the mesomeric effect can prevail over the dipole moment associated with the inductive effect.

However, there are groups in which the inductive effect prevails, such as halogens.

Also, you can read about hyperconjugation. Hyperconjugation can have influence to the mesomeric and inductive effects too. 

Source: Reutov  O.A., Kurts A.L., Organic Chemistry, vol. 1 of 4, ch. 2.2.2, MSU