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As knowledge economy is concern it is regarded as either economy of knowledge focused on the economy of the producing and management of knowledge, or a knowledge-based economy. More frequently this phrase refers to the use of knowledge to produce economic benefits from agriculture sector to service sector people are changing their interests. Thus, clearly indicating the positive impact of education on people's life as well as their standard of living. As it is clear that a person who is engaged in agriculture due to his illiterate condition will have low level of income which will in turn lead to low standard of living, while on the other hand a person who is educated will work in a better environment and will definitely earn high and this will lead to better standard of living which will further lead to high economy of the country. Three countries are ascertained and importance of university in the knowledge economy is judged. Universities in UK, India and US are regarded as best among the other universities of the world. They play an important role for the innovations and the improvement in technology. They help the small business units, large business units , industries and the R & D and provide them proper knowledge to overcome hindrances. They are important as they help in creation and transformation of knowledge .act as back up for the economy as they raise capital and thus act as center of managing knowledge.
Role of university in knowledge economy.
It seems odd that in a knowledge economy where intellectual and knowledge work have become so important, universities are struggling as never before for economic survival. It is very significant to integrate the growing recognition of the universities to the disillusionment with universities which is quite pervasive in the public discourse and also mirrored in the financial constraints. Proper environment for the small business firms, scientific research and other industries. They play important role for the knowledge economy as they act as centre for managing knowledge, management of resources and raising capital while attracting applicants from the other countries. As the commercialisation of knowledge becomes ever more rampant, we all need to contemplate the possibility that universities can no longer be sites of disinterested research and we come to understand how precious is the resource in which we have invested so much as a country. Some times the universities confronts with the contrary wise situations such as:
Scope of Offerings
Death Of Coverage
Expansion Of Resource Base
Diversity Of Stake Holders
Despite, having few pressure situation universities manage to provide the quality educations and so much dedicated to the diffusion and transmission of universal knowledge by generating the skills of acquisition of knowledge, development of argumentative powers and forming intellectual capacities and assumptions. Contemporary developed economies are knowledge economies in which education plays a vital role in providing the human, knowledge based resources which is necessary for success and is a key distinction between the "new" and the "old" economies and it is a progressive move away from company's value, based on physical assets and raw materials. "New" industries are knowledge-driven, i.e. the generation and exploitation of knowledge and the know-how of individuals have come to play the predominant part in wealth creation and it mainly deals with:-
Exponential Expansion of Knowledge
Accelerated Pace Of Change
Increased Intensity Of Competition.
Role of Indian, UK and American universities.
The whole purpose of Indian universities is to develop and enhance the potential of our human resource and transform it into knowledge society. Presently, it is to be taken care of that our university education system is contributing 3 million graduates and post graduates every year and it does not end over here students seeking employment after completion of 10 class or 10+2 class are around 7 millions per year. Thus nearly 10 million youth are injected into the employment market every year. The service sector shows an increase in GDP from 37% to 51%.
centre for managing knowledge
proper knowledge of managing resources
Act as 'Agent of economic growth', increase in growth while raising capital.
For example: -
1) The university provide executive educations to the students , now a days various management courses are there so that they can provide them a path to enter the business world for example according to dean of London Business School they explains themselves as "we won't tell you what we think, we will inspire you to think differently."
2) A capable Louisiana State University will provide a mechanism for Louisiana to have some small, but significant, piece of the economic shift away from silicon based electronics.
3) Louisiana State University, as an example, could serve as a catalytic force in the emergence of a yet to be fully thought through technological option in the new knowledge economy by simply having a world class Computer science department.
4) New Jersey institute of Agriculture in the United States developed the agricultural extension service model for transferring agricultural technology to the farmers where the universities were key sources of information.
Role of universities in research process
Universities are traditionally viewed as bastions of learning a However, the culture is fast changing. During the DNA structure at the University of Cambridge also falls in the Bohr quadrant (Watson, 1991).The lower right-hand cell represents the work of Thomas Edison that was inspired by the practical value of the work. Edison is credited with the concept of building an innovation factory. His laboratory became a constant source of new products and innovations. The Science and Innovation is responsible for UK Science Policy and for funding basic research allocated via the Research Councils. their aims to maximise the contribution made by science, engineering and technology departments and providing skills and resources to the UK's economic development.
In a study of several university-industry research centres, we investigate the strategic considerations and we identified the following factors that are important in building university relationships:
a. Strengthening skills, knowledge and gaining access to university facilities for advancing core and non-core technologies;
b. Organic and adaptable corporate culture;
c. Flexible university policies for intellectual property rights, patents and licenses;
D. Presence of an I/U champion at the firm;
e. Firm's personal interactions and resource commitments for I/U relationships;
f. Level of tangible outcomes generated from I/U relationships.
Several steps have actively been taken in developing and fostering university-industry collaboration. There are many mutual benefits to a close relationship between a university and an industrial firm. Firms gain access not only to leading edge technologies, but also to highly trained students, professors and university facilities. A firm can gain prestige and acceptance in its stakeholder community through its association with a prestigious university. The policy implemented by TEKES not only promotes interaction between a firm and a university, but also decentralizes the control and monitoring of the projects. Involvement of the firms in the academic programs of the universities is a major mechanism for knowledge transfer. They act as a bridge between the management skills and the solutions to the business problems. The Knowledge House engage with the local chambers of commerce and regional development agencies to promote the benefits of university collaboration to local SMEs.
Knowledge creation & transfer
Universities provide world-class vocational knowledge to our youth for making them internationally competitive, from wealth creation to improvement in the quality of life for all the sectors of the society. Universities have been recognized as a key leveraging factor in economic development. The strategy of universities is to achieve economic growth through development of nationally and globally competitive industry by facilitation and providing confidence, dedication, purpose and a future ground in which would flourish.
University prepares its students with the latest knowledge and thinking. So that they become the important part of this existing and fast changing world of opportunities and entrepreneurship.
1) The rise of the knowledge economy has is based on two powerful forces. The first one is globalisation.
2) The second powerful force giving the rise of the knowledge economy is the major advances made by the natural sciences.
3) During the last few years manufacturing sector is booming, the major value added factor are the Research& development (R&D) and the number of degree holders.
Route to innovation and development at all levels. They got first class science and technology base. The greatest contribution to knowledge transfer by UK universities must be the education of around 500,000 graduates each year. Eighty per cent go directly into jobs, the majority of which are relevant to their Degree subjects.
1) At Queen's University, Belfast, Andor Technology has built a camera Capable of highlighting a single photon- a unit that is the most sensitive imaging detector yet constructed. It is profitable for the company and thus doubles the number of workers. Another example of knowledge transfer is when the New lands.
2) Lee Bridger University's Harrison Engineering provides a start-up to the companies for product development facilities such as advanced design simulation, rapid prototyping, remote testing, materials and electronics, which are either expensive or not in the reach for small units. Since the scheme was launched, more
Hundreds of small firms have received assistance in the development of novel engineering product.
Knowledge economy varies from countries to countries as it has been seen that knowledge economy in different countries have different approach and targeting those area that need development for instance in India it mainly targeted the refinement of the Indian education system ,creation of knowledge bases where the innovations needs to be assessed ,agricultural developments in terms of proving state of art technology and the growth of woman's education . However in U.K they mainly targeted the small business firms to provide them the expertise for the economic development and the research operations .American universities mainly targeted in generating their relationship with the firms, teaching and development and research and development operations.