Evaluating the Knowledge Economies within the European Union: A Global Knowledge Index Ranking via Entropy and CRADIS Methodologies
Journal Title: International Journal of Knowledge and Innovation Studies - Year 2023, Vol 1, Issue 2
Abstract
In this study, a novel methodology is proposed for ranking the knowledge economies of European Union (EU) countries, leveraging their positioning within the global knowledge index (GKI). The GKI, encompassing seven pivotal indicators, serves as a benchmark for assessing a nation's knowledge economy. The EU, a prominent political and economic conglomerate, forms the focal point of this analysis. A multi-criteria analysis approach is adopted, wherein the Entropy method is utilized to determine the significance of individual GKI indicators. Additionally, the CRADIS (Compromise Ranking of Alternatives from Distance to Ideal Solution) method is employed for the ranking of these nations. The Entropy method, renowned for its efficacy in subjective weight determination, and the CRADIS method, a novel multi-criteria analysis tool yielding results based on deviations from the ideal and anti-ideal solutions, are integrated. This integration is pivotal, as it offers results comparable with other multi-criteria methodologies. The analysis reveals that Research Development and Innovation emerges as the most critical indicator. According to the CRADIS method, Sweden is identified as the leading country in terms of GKI indicators, followed by Finland and Denmark. This trend underscores a superior performance of the northern EU countries. Conversely, Eastern EU countries are observed to lag in their GKI standings. These findings are corroborated through comparative and sensitivity analyses, highlighting the influence of normalization on country rankings and pinpointing specific indicators necessitating enhancement for bolstering the knowledge economy. This research not only aids EU countries in identifying their strengths and weaknesses in the realm of knowledge economy but also serves as a strategic guide for policymakers. It provides actionable insights for fostering knowledge economy development, emphasizing the need for strengthening existing advantages and addressing shortcomings. Such strategic initiatives are crucial for enhancing global market competitiveness. The study's outcomes, therefore, offer valuable resources for decision-making in policy and economic development contexts.
Authors and Affiliations
Adis Puška, Ilhana Hodžić, Anđelka Štilić
Keywords
Related Articles
- EP ID EP732606
- DOI https://doi.org/10.56578/ijkis010203
- Views 51
- Downloads 0
Enhanced Fault Diagnosis in Motor Bearings: Leveraging Optimized Wavelet Transform and Non-Local Attention
Recent advancements in non-destructive testing methodologies have significantly propelled the efficiency of bearing defect detection, vital for maintaining optimal final quality standards. This study introduces a novel a...
Gear Fault Detection Based on Convolutional Neural Networks and Support Vector Machines
As a critical component of mechanical transmission systems, gears play a vital role in ensuring industrial production runs smoothly. Undetected gear failures can lead to mechanical breakdowns, production interruptions, a...
Evaluating the Logistics Performance Index of European Union Countries: An Integrated Multi-Criteria Decision-Making Approach Utilizing the Bonferroni Operator
The evaluation of the Logistics Performance Index (LPI), as computed by the World Bank, incorporates six equally weighted criteria to ascertain the overall performance scores of countries globally. This study aims to scr...
Enhanced Detection of Soybean Leaf Diseases Using an Improved Yolov5 Model
To facilitate early intervention and control efforts, this study proposes a soybean leaf disease detection method based on an improved Yolov5 model. Initially, image preprocessing is applied to two datasets of diseased s...
Tea Leaf Picking Path Planning Based on an Improved Ant Colony Optimization Algorithm
With the rapid advancement of modern robotics and artificial intelligence, intelligent picking robots have been widely adopted in agricultural production. Global path planning techniques have been applied to crop harvest...