A Composite Index of the Creative Economy
AbstractThis article develops and presents a “Composite Indicator of the Creative Economy” (CICE). The CICE is a summary measure of an entity’s (e.g., a region’s) creative capacity or capability in three key dimensions: Innovation, Entrepreneurship and Openness. To develop the CICE we use an innovative method to determine the weights used to “add-up” the information contained in the data on the three dimensions. Our method – endogenous weighting – allows each entity (e.g., region) to have its own set of the weights, which are chosen to maximize the entity’s CICE score value. We use our endogenous weight methodology to benchmark the creative capacity of nine regions: Baden-Württemberg, Catalonia, Flanders, Lombardy, Maryland, Nord-Pas-De-Calais, Quebec, Rhône-Alpes, Scotland. Our analysis shows that Baden-Württemberg ranks highest in terms of creative capacity while Nord-Pas- De-Calais ranks lowest. Among the nine regions, Flanders ranks 3rd in creative capacity behind 2nd ranked Maryland. However, Flanders’ rank masks that its CICE score value is 25% below that of Baden-Württemberg and 11% below that of Maryland, indicating a non-trivial gap in creative capacity between Flanders and “best practice.”
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Bibliographic InfoArticle provided by Katholieke Universiteit Leuven, Faculteit Economie en Bedrijfswetenschappen in its journal Review of Business and Economics.
Volume (Year): LIII (2008)
Issue (Month): 4 ()
Creative economy; innovation; entrepreneurship;
Find related papers by JEL classification:
- L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
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- Igor Dubina & Elias Carayannis & David Campbell, 2012. "Creativity Economy and a Crisis of the Economy? Coevolution of Knowledge, Innovation, and Creativity, and of the Knowledge Economy and Knowledge Society," Journal of the Knowledge Economy, Springer, vol. 3(1), pages 1-24, March.
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