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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 economy.
  • 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 greater .
  • 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.