On this yr’s International Innovation Index, as soon as once more, Switzerland was ranked #1, adopted by Sweden and the US.
However India was the large shock.
International Innovation Leaders
1. Definition
Used to rank 133 international locations, the International Innovation Index has 5 classes of inputs and two for its outputs:
2. Rank
The three on the prime–Switzerland, Sweden, the US–have been there for the previous 4 years. On the identical time, Singapore made essentially the most notable leap (from #8 to #4) whereas different trajectories just like the Republic of Korea’s and Finland’s seemed considerably like a curler coaster. Then, not fairly usually, Denmark sloped downward (#6 to #10)
3. Enter and Output Scores
14 of the 78 indicators fueled Singapore’s climb whereas the U.S. was #2 with 9:
4. Science and Know-how Clusters
Right here is the place China and India enter the image:
5. The Particular Clusters:
6. India
India’s #39 rank was uncommon for a decrease center earnings nation with a per capita earnings of roughly $2,400. Because of this, among the many 133 international locations within the WIPO index, The Economist famous that India was the standout overachiever.
Through the previous 4 years, they ascended to #39 from #48:
Our Backside Line: Artistic Destruction
Innovation really makes a distinction when the result’s artistic destruction. First described by economist Joseph Schumpeter (1883-1950), artistic destruction is usually a painful course of. Changing present industries with new companies, abilities, and concepts, it requires the structural modifications that eradicate jobs and erase stale management. Sure, the outcomes are financial development and vitality. But in addition, we get the dislocation and misery that may block progress, destroy communities, and shift affluence.
The International Innovation Indicators inform us the place we would observe essentially the most development and the upheaval.
My sources and extra: As we speak’s info and diagrams have been from The Economist and the International Innovation Index 2024 Report. Particulars for India are right here. Please observe that elements of right this moment’s “Bottom Line” have been from a previous econlife publish.
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