Alternative Composite Lisbon Development Strategy Indices: A Comparison of EU, USA, Japan and Korea

Almas Heshmati () and JongEun Oh

European Journal of Comparative Economics, 2006, vol. 3, issue 2, 131-170

Abstract: This study addresses the measurement of two composite Lisbon strategy indices that quantifies the level and patterns of development for ranking countries. The first index is nonparametric labelled as Lisbon strategy index (LSI). It is composed of six components: general economics, employment, innovation research, economic reform, social cohesion and environment, each generated from a number of Lisbon indicators. LSI by reducing the complexity of the set of indicators, it makes the ranking procedures quite simple. The second and parametric index is based on principal component analysis. Despite the difference in the ranking by the two indices, it is shown that the United States outperformed most EU-member states. Our investigations also show evidence of significant dynamic changes taking place, as the countries of the Union struggle to achieve the Lisbon goals. The necessity of a real reform agenda in several old and new members and candidate countries emerges from our analysis. We briefly refer to two important European phenomena emerging from our data analysis and discuss the possible lessons learned from the Korean development strategy

Keywords: Economic development; composite index; Lisbon Agenda (search for similar items in EconPapers)
JEL-codes: C43 F15 O10 O57 (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:liu:liucej:v:3:y:2006:i:2:p:131-170

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