BUILDING THE KNOWLEDGE ECONOMIES: PRINCIPAL COMPONENT ANALYSIS AND CLUSTERING OF THE EU COUNTRIES

Adela Anca Fucec

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2014, vol. 8, issue 1, 772-779

Abstract: This paper shows the evolution of the European countries towards building knowledge economies, acording to the Europe 2020 Strategy. Assuming that the 8 indicators from the 5 objectives of the European Strategy have different national levels, they can accordingly show the state of development of each country towards the attainment of the main targets. The research methodology entails a Principal Component Analysis, further used as a starting point for a Cluster Analysis. The main results show three groups of European countries, acording to their stage of becoming knowledge economies. The results can also be used in order to show where each country stands and what its strenghts and weaknesses are from the knowledge economy point of view. This study is also relevant for anyone interested in a professional picture of how the main countries in Europe look like nowadays from the new economic perspective.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:8:y:2014:i:1:p:772-779

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