Universities as a
Tool for Economic Development
It can act as an important tool for Economic Development, it can
contribute in many ways for local growth.
Universities should stop seeing themselves only as educators, and
start seeing themselves as platforms for local economic activity.
For more details, please
refer PR
How Universities
Make Cities Great
It’s not
just about education.
When thinking about how to revive
economically lagging regions, especially in the Rust Belt, I often talk
about the importance of universities. Big, high-quality research universities
have been essential for creating technology clusters in Austin, Raleigh and San
Diego. But even small colleges in rural areas can have big benefits
for the surrounding area.
Why are colleges so great? To use universities as a tool
for economic development, it’s important to think about the many ways they
contribute to local growth -- and some ways they don’t.
Most people think of colleges mainly as educational
institutions. Economists argue about whether education improves people’s skills or
is just a fancy form of time-wasting credentialism. But most
people seem to believe that higher
education is important and useful. This naturally leads them to think of
colleges as places that educate the local populace.
At first glance, evidence would seem to bear this out.
Economist Enrico Moretti has found that an increase
in the supply of college graduates in an area results in higher wages for
workers of all education levels. Other studies generally conclude that a more
educated populace leads to higher productivity. Moretti finds that places where
the U.S. government gave land grants for colleges
over a century ago have more educated workforces to this day.
But a closer look at the data reveals some problems with
the basic story. The people who get their educations at the local university
often don’t stay in the region. While some cities tend to keep 70
percent or more of the alumni of local colleges, others have retention rates
below 50 percent. This is also a problem at the state level -- career
information website Zippia found that some states lose more than half of their
college graduates.
Regards
Prof. Pralhad Jadhav
Master of Library & Information Science (NET
Qualified)
Senior Manager @ Knowledge Repository
Khaitan & Co
Twitter Handle | @Pralhad161978
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