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The Relationship between the Knowledge Economy and Global Competitiveness in the European Union

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  • Alina Mihaela Dima

    (UNESCO Department for Business Administration, The Bucharest University of Economic Studies, 010374 Bucharest, Romania)

  • Liviu Begu

    (Department of Statistics and Econometrics, The Bucharest University of Economic Studies, 010374 Bucharest, Romania)

  • Maria Denisa Vasilescu

    (Department of Statistics and Econometrics, The Bucharest University of Economic Studies, 010374 Bucharest, Romania)

  • Maria Alexandra Maassen

    (UNESCO Department for Business Administration, The Bucharest University of Economic Studies, 010374 Bucharest, Romania)

Abstract

The main purpose of this paper is to study the influence of various indicators related to the knowledge economy on country competitiveness in the European Union (EU). Based on the Pearson coefficient and panel-data regression models, we analyzed the Global Competitiveness Index (GCI) in relation to research and development (R&D) expenditure (as a % of gross domestic product (GDP)), percentage of population with tertiary education, lifelong learning, GDP per capita, and debt to equity. The findings highlighted the crucial role of both innovation and education as determinants of EU competitiveness and economic convergence. The development of EU policies regarding the lifelong learning possibilities of the European workforce and the focus on research and development activities can significantly contribute to the competiveness of EU member states.

Suggested Citation

  • Alina Mihaela Dima & Liviu Begu & Maria Denisa Vasilescu & Maria Alexandra Maassen, 2018. "The Relationship between the Knowledge Economy and Global Competitiveness in the European Union," Sustainability, MDPI, vol. 10(6), pages 1-15, May.
    • Handle: RePEc:gam:jsusta:v:10:y:2018:i:6:p:1706-:d:148627
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    References listed on IDEAS

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