Innovation

From page 12

64.78 out of a total of 100. The United States placed with a rank of 6 and score of 60.09.

Guyana was ranked as 80 with a score of 32.48 out of 100. The efficiency ratio, which measures the conversion of innovation inputs into outputs, was 0.74. The efficiency ratio of Guyana is surprisingly high. However, the failures associated by highrisk technology innovation is likely to be higher and therefore those countries could have a lower efficiency ratio. In other words, the spillover effect from sophisticated

manufacturing and other applications are very different, thereby likely affecting the very long-term trend of the growth rate in different ways.

Singapore is ranked as 7 overall, but has a lower efficiency score of 0.61, possibly indicating the pursuit of more high value and risky technologies. Barbados’ rank of 41 represents the highest among Caribbean economies, which as a group have lagged other regions in innovation. Resource dependent Trinidad and Tobago and Botswana both ranked below Guyana in terms of the score and efficiency ratio. According to the GII, Singapore and Israel are two of the most innovative small open economies. Israel is known for integrating its diaspora in business, financial, scientific and other matters. There might be something to learn here.

Comments: tkhemraj@ncf.edu