Why Invest in Higher Education
- Education in general, and
higher education in particular, are great socio-economic multipliers.
- According to a research, for every 1 million pounds
spent on higher education in the UK, universities generated 1.35 million
pounds for the economy. Universities in the UK, as a whole, contributed 60 billion pounds a year to the UK
- For every 100 full time
jobs within the Higher Education Institutions (HEIs) themselves, a further
99 full time equivalent (FTE) jobs were generated through the knock-on effect.
- A similar study conducted
in South Carolina, USA, on the impact of education as a whole,
showed that every dollar invested in early education gave more than
17 dollars in return to the society .
- Another study on higher
education revealed that a person with a professional degree averages three
times the salary of a high school graduate and pays taxes almost four times
- Universities also play the
role of think tanks by helping governments in making informed decisions and
formulating the right kind of policies.
A study in Canada found that more than 70% of the faculty members of
universities participated in external policy formation over the two years
period the study focused on.
- Research, innovation and commercialization of knowledge and skills through entrepreneurship have
now transformed universities into engines of economic growth. Take the
Chinese miracle for instance. China has already established 1637 science
parks that include 224 National, 1,344 provincial and 69 national
university science parks. By the
end of 2009, their 69 university science parks had graduated 2,979
enterprises, out of which 9 had been listed in the stock market. The total income of the university
business incubators is 24.72 billion Yuan (About $ 4.0 billion), and the
total jobs created through their businesses are 125,000.
- These are models that we
need to study and follow, as we see that China, once a technologically
backward country, has emerged as the second most powerful economy in the world and is
now looking to be the global leader. Pakistani universities are now
waking up to these new realities and have witnesses phenomenal growth
through the Higher Education Revolution brought about the Higher Education
Commission of Pakistan.