Friday, 26 March 2010: 09:00
In this paper we propose a model originally used at microeconomic level that we have adapted to measure the intellectual capital of nations that takes into account aspects not contemplated by GDP. In addition, we have applied this model to 82 countries grouped in three clusters according to their efficiency of knowledge capital. This empirical try to analyze the importance of intellectual capital in a nation’s wealth, making the difference where economic growth is concerned, as the most developed countries record the highest scores of efficiency in terms of intellectual capital.
3. Data/Methods: This paper uses the World Bank Group (WBG) data base, completed in some cases by information of United Nations (UN) and the World Economic Forum (WEF). We have use a cluster analysis to group the 82 considered countries in three large groups made up of 31, 20 and 31 countries respectively. Using these groups, we explore whether they display significant differences in the averages of the variables related to economic growth using an ANOVA. Finally, we check the different situations regarding the relationships of each group with the main aggregate macroeconomic variable.
4. Results/Expected results: This empirical study reveals the importance of structural capital in a nation’s wealth, making the difference where economic growth is concerned, as the most developed countries record the highest scores of efficiency in terms of intellectual capital.
5. Conclusion: From a classic point of view, GDP has been used to measure the economic development of a country. However, in the current economy of the knowledge, another series of factors with great influence on economic growth do not appear to be captured by this variable. In this research, we have elaborated an indicator of intellectual capital for a country that picks up all these factors differentiating two large components: structural and human capital. The results show that differences exist in the economic level reached by the different groups of countries depending on the amount of growth in intellectual capital. In addition, if the existing relationship between the above mentioned factors and the different economic variables considered is analysed, we find that the structural factors of image, processes, technology and social and environmental development are the most closely related to the wealth of a region, while human capital does not contribute significantly to economic growth.
3. Data/Methods: This paper uses the World Bank Group (WBG) data base, completed in some cases by information of United Nations (UN) and the World Economic Forum (WEF). We have use a cluster analysis to group the 82 considered countries in three large groups made up of 31, 20 and 31 countries respectively. Using these groups, we explore whether they display significant differences in the averages of the variables related to economic growth using an ANOVA. Finally, we check the different situations regarding the relationships of each group with the main aggregate macroeconomic variable.
4. Results/Expected results: This empirical study reveals the importance of structural capital in a nation’s wealth, making the difference where economic growth is concerned, as the most developed countries record the highest scores of efficiency in terms of intellectual capital.
5. Conclusion: From a classic point of view, GDP has been used to measure the economic development of a country. However, in the current economy of the knowledge, another series of factors with great influence on economic growth do not appear to be captured by this variable. In this research, we have elaborated an indicator of intellectual capital for a country that picks up all these factors differentiating two large components: structural and human capital. The results show that differences exist in the economic level reached by the different groups of countries depending on the amount of growth in intellectual capital. In addition, if the existing relationship between the above mentioned factors and the different economic variables considered is analysed, we find that the structural factors of image, processes, technology and social and environmental development are the most closely related to the wealth of a region, while human capital does not contribute significantly to economic growth.