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EVALUATION OF THE FINANCIAL AND ECONOMIC DEVELOPMENT OF THE EUROPEAN UNION MEMBER STATES ON BASIS OF MULTIPLE INDICATORS CHANGED TO MULTIPLE OBJECTIVES

Changxing Li

Innovation has received more and more attention in the European Union since adoption of the Lisbon Strategy in 2000. In 2010 the European Commission 2010; European Council adopted a new strategy, Europe 2020, which stressed again the importance of innovations. Therefore it is important to evaluate the current level of the European Union Member States’ technological and economic development as well as its innovations impact on it. Innovation impact on economic development was analyzed by correlating various composite indices with GDP per capita indicator (Fagerberg & Srholec, 2008). The author proposes a conceptual model for economic development evaluation according to a world-system approach. The level of economic development can thus be identified by a system of indicators rather than single one (e.g. GDP per capita).
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