The Role of Universities in Economic Development

Abstract

Traditionally, universities have been credited with providing opportunities for citizens to develop themselves and advance economically. Educated persons were expected to make significant contribution to the economy and thus beneficial to society. Further, university faculties conducted research leading to scientific breakthroughs in medical fields, industrial processes and production, agriculture, and other areas. This paper explores the role of universities in economic development.

Keywords: economic development, universities, economy, role, knowledge