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The Readiness Of The Selected European Countries For The Development Of Knowledge Economy

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  • Vladimir Nedic, Vojislav Ilic, Dusko Belovic

    (University of Kragujevac, Faculty of Philology and Arts, University of Belgrade, Teachers’ Training Faculty, Investment Project Group Belgrade)

Abstract

The country’s readiness for the development of knowledge economy was measured using the Knowledge Economy Index (KEI) and the Knowledge Index (KI) of The World Bank Institute’s Knowledge for Development Program, 2012. The assessment of the position of the observed countries for the development of knowledge economy is based on the use of a number of analytical procedures. Cluster analysis was used first in order to check for the level of differences according to the KEI parameters and to group the selected countries into clusters, aimed at detecting the deviation of the observed European countries from the remainder of the group. Then we used the radar cart analysis of the four KEI pillars and their key variables in order to identify the current situation with respect to the values of partial indicators of the KEI pillars and establish the relative positions of the selected countries. Finally, over time comparison of the current values of the KEI pillars with the 2000 data was used to illustrate the dynamics of the development of the KEI pillars in crisis conditions. Research results have indicated that there is a prominent lag in the readiness of the Western Balkan countries (Albania, Bosnia and Herzegovina, Macedonia and Serbia) behind their EU environment (Austria, Greece, Bulgaria, Romania, Croatia and Slovenia).

Suggested Citation

  • Vladimir Nedic, Vojislav Ilic, Dusko Belovic, 2015. "The Readiness Of The Selected European Countries For The Development Of Knowledge Economy," Ekonomika, Journal for Economic Theory and Practice and Social Issues 2014-04, „Ekonomika“ Society of Economists, Niš (Serbia).
    • Handle: RePEc:esb:casctr:2014-418
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    knowledge economy; Knowledge Economy Index; Knowledge Index;
    All these keywords.

    JEL classification:

    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development

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