An Instrument for Measuring National Readiness and Capacity to Participate in Global Knowledge Base Economy

Abstract

An important question often asked is what are the determinants of science, technology and innovation (STI)? Is STI a measurable quantity? How can it be measured in quantitative terms? To answers
 these questions, a Science, Technology and Innovation Index (STII)
 has been developed for top 100 economies of the world on the basis of GDP, to evaluate, determine and measure the overall scientific, technological and innovative capacity and readiness of a country. The STII relies on four dimensions, each built around two or three pillars, each of which is composed of individual indicators, for a total of 44 STI indicators. The STI index is the average of aggregate of four dimensions. The economies are ranked on the basis of STII values and classified into six groups: i.e. leaders, potential leaders, dynamic adopters, slow adopters, marginalized and laggards. For more meaningful assessment of the STI capacities of nations, it captures the achievement gap of individual countries with the highest achiever. A comprehensive analysis into the strengths and weaknesses in different dimensions of STI capability of eight East - South Asian countries is also provided. The results show that there are significant dispari¬ties between developed and developing nations in STI capacity and its various aspects. STI capacity and achievement gap analysis of individual countries provides useful information for STI policy makers to furnish their STI policies for increasing national capacity, and readiness to participate in the knowledge based economy.