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Towards a multivariate innovation index

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  • Thomas Holgersson
  • Orsa Kekezi

Abstract

This paper argues that traditional measures of innovation as a univariate phenomenon may not be dynamic enough to adequately describe the complex nature of innovation. Consequently, the purpose is to develop a multidimensional index of innovation that is able to reflect innovation enablers and outputs. The index may then be used (i) to assess and quantify temporal changes of innovation, (ii) to describe regional differences and similarities of innovation, and (iii) serve as exogenous variables to analyze the importance of innovation for other economic phenomena. Our index is defined in a four-dimensional space of orthogonal axes. An empirical case study is used for demonstration of the index, where 44 variables are collected for all municipalities in Sweden. The index spanning the four-dimensional innovation comprises size, accessibility, firm performance, and agglomeration. The proposed index offers a new way of defining and analyzing innovation and should have a wide range of important applications in a world where innovation is receiving a great deal of recognition.

Suggested Citation

  • Thomas Holgersson & Orsa Kekezi, 2018. "Towards a multivariate innovation index," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 27(3), pages 254-272, April.
    • Handle: RePEc:taf:ecinnt:v:27:y:2018:i:3:p:254-272
    DOI: 10.1080/10438599.2017.1331788
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