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
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- EP ID EP732606
- DOI https://doi.org/10.56578/ijkis010203
- Views 42
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