NEW DELHI: THE UNITED States, despite its current woes, remains the world's most innovative economy, according to a new study by INSEAD, the Paris-based business school. Ireland ranked 21st - and 10th in term of European states.
Britain is the world's fourth most innovative economy, ranking behind Germany, the study found.
The Global Innovation Index looks beyond traditional indicators of innovation such as the percentage of gross domestic product spent on research and development - instead, it seeks to measure the potential for a broad range of innovation by assessing institutions and policies, infrastructure, and business and market sophistication.
"The notion of innovation being people in white frocks in a lab is outdated," said Soumitra Dutta, dean of external relations at INSEAD and lead author of the study. The study described innovation as "the amalgamation of invention and creativity that leads to the generation of economic and social value".
Between China and India - the aspiring Asian superpowers - China ranks higher for innovation and 37th globally, compared to India, ranked 41st. However, the rankings also show striking differences in their strengths and weaknesses.
Japan, the world's second largest economy ranked third in Asia and ninth globally, faring poorly on measures of its institutions and market and business sophistication.
