SEE ALSO: President Lee Jae Myung says gaming isn't an addictive substance but a cultural industry
Bloomberg stated that "While the top spot is befitting for a country that puts a lot of money toward developing new technologies and produces its fair share of the world's engineers, the conversation in South Korea has been more about how the economy can get the bang for its buck in innovation... South Korea notched top scores worldwide for manufacturing value-added as well as for tertiary efficiency," commenting on the country's ability to allocate its resources in a way that maximizes the overall size of the 'pie.'
The factors that contributed most to Korea being the number one in innovative economics were 'manufacturing value-added,' 'tertiary efficiency,' 'Research & Development intensity,' 'high tech density,' and 'patent activity,' all categories that Korea placed either first or second out of 50 countries.
The article also mentions some institutional factors deeply rooted in Korean society which acts as more of hindrances rather than benefits to innovation and the Korean economy as a whole.
It is an interesting summation of a study on innovation around the world, so if you want to read more about it, you can do so here.
SHARE
Log in to comment