University_andthe_Creative_Economy
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University_andthe_Creative_Economy
Most who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economyrate new inventions and patents, and spin-off its technology in the form of startup companies. As such, there has been a movement in the U.S. and around the world to make universities “engines of innovation,” and to enhance their ability to commercialize their research.Universities have largely boug University_andthe_Creative_Economyht into this view, both because it makes their work more economically relevant and as a way to bolster their budgets. Unfortunately. not only does thiUniversity_andthe_Creative_Economy
s view oversell the immediately commercial function of the university; it also misses the deeper and more fundamental contributions made by the univerMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economy the "3T*s” of economic development: Technology. Talent, and Tolerance To do so. it examines a wide range of data and trends on technology transfer, startup companies, talent, brain drain, tolerance, and creativity- for U.S. metro regions?Its mam findings show that the university plays an important University_andthe_Creative_Economyrole across all 3 T’s.• Technology: As major recipients of both public and private R&D funding, and as important hotbeds of invention and spin-off comUniversity_andthe_Creative_Economy
panies, universities are often at the cutting edge of technological innovation•Talent: Universities affect talent in both directly and indirectly. TheMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economyal people and firms to locate nearby, ill part to diaw on the universities’ many resources.: ị•Tolerance: Large research universities help shape a regional environment open to new ideas and diversity They attract students and faculty from a wide variety of racial and ethnic backgrounds. economic sta University_andthe_Creative_Economytuses, sexual orientations, and national origins University communities are meritocratic and open to difference and eccentricity; they' are places wheUniversity_andthe_Creative_Economy
re talented people of all stripes interact in stimulating environments that encourage open thought, self-expression, new ideas, and experimentation.UnMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economyniversity’s even more powerfill role across the two other axes of economic development—111 generating, attracting. and mobilizing talent, and in establishing a tolerant social climate—drat is open, diverse, meritocratic and proactively inclusive of new people and new ideas.The university thus compri University_andthe_Creative_Economyses a powerfill creative hub in regional development. Alone, though, die university is a necessary but insufficient component of successfill regionalUniversity_andthe_Creative_Economy
economic development. To harness the university’s capability to generate innovation and prosperity, it must be integrated into the region’s broader crMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economygeneration. Recently, they- have proven key contributors to regional development, too. Any discussion of the university’s role in innovation and economic development quickly circles back to the now classic cases of Stanford University- and MIT. which played critical roles 111 the development of Sili University_andthe_Creative_Economycon \ alley and the greater Boston area. Something similar has emerged in Austin. Texas, and dw North Carolina Research Triangle. • From these cases,University_andthe_Creative_Economy
many have concluded that the university' serves as an innovative engine of economic development. One entrepreneur. when asked yet again for “the secreMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economycal underpinning for the view of the university- as an “engine of innovation.” Il traces back to die Nobel prize-winning studies of MIT economist Robert Solow in the late 1950s. Solow argued that productivity growth was only partly attributable to the traditional explanatory factors, gains to capita University_andthe_Creative_Economyl and labor. The unexplained "residual” productivity growth, he surmised, must have been due to technological change, which lie defined broadly. ' MorUniversity_andthe_Creative_Economy
e recent studies suggest that universities have significant effects on both coiporate innovation and regional economic development Investments in acadMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economys also been found to make corporate innovation more efficient, according to Adam Jaffe; businesses dial arc located in close proximity to university research generate greater numbers of patents.5 University research also lends to attract corporate research labs, according lo other studies.6 A 2005 s University_andthe_Creative_Economytudy by the regional economists. I laivey Goldstein and Joshua Drucker examined rhe contribution of universities to economic development broadly acrosUniversity_andthe_Creative_Economy
s more dian 300 metropolitan regions in the United States, They found that universities tend to increase average annual earnings. bill dial the biggesMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economy-end of the innovation process. According to the so-called "linear model of innovation” ideas flow naturally from university science and technology that can be commercially exploited and turned into economic growth. The key thus lies in developing new and belter mechanisms to make this transfer of u University_andthe_Creative_Economyniversity science and technology to die commercial sector more effective and efficient, increasing the output of university "products" that are of comUniversity_andthe_Creative_Economy
mercial value to rhe economy.The university as engine of innovation has been criticized as oversimplified because it sees the steps of innovation as dMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economyer within large companies or via spin-offs) and ultirnately resulting in job generation and economic growth®This perspective has been criticized by some as distorting the fundamental scientific mission of the university. The sociologist Robert Merton long ago contended that academic science should b University_andthe_Creative_Economye an open project because It is firmly centered on the efficient creation of knowledge and movement of frontiers. Finns, on the other hand, seek scienUniversity_andthe_Creative_Economy
tific advance in order to increase profits and acquire intellectual property. 9The economists Pailha Dasgupta and Paul David have argued strongly for Most who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economyscience, tliat any intermixing of the two would negatively impact social welfare, (’lose ties between industry and university might, they argue, draw academic scientists toward research enterprises with immediate short-term benefits to industry, but away from research with broader and long-term impa University_andthe_Creative_Economycts to society and the economy.Conversely, Nathan Rosenberg and Richard Nelson, two leading studentsof the history of technology, argue forcefully thaUniversity_andthe_Creative_Economy
t university and industry research, basic science and applied science have always been intertwined, and that it is difficult to even discern the dividMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economy drive contemporary thinking about the university’s role in economic development.rhe university’s increasing role in innovation and economic growth steins from deeper and more fundamental forces. The changing role of the university is bound up with the broader shift from an older industrial economy University_andthe_Creative_Economyto an emerging Creative Economy. The past few decades have been one of profound economic transformation. In the past, natural resources and physical cUniversity_andthe_Creative_Economy
apital were the predominant drivers OÍ economic growth. Now. human creativity is the dining force of economic growth. Innovation and economic growth aMost who have commented on the university’s role in the economy believe the key lies in increasing its ability to transfer research to industry, gener University_andthe_Creative_Economyssing indigenous talent and attracting It from outside.I he creative sector is tile propulsive sector of economic growth. Il has generated roughly 20 million new jobs between 1980 and 2000. and is projected to add another 10 million between 2001 and 201 -1. This creative sector currently employs som University_andthe_Creative_Economye 40 million Americans, accounting for approximately one-third of total employment and more than $2 trillion dollars in wages and salaries as much asUniversity_andthe_Creative_Economy
the manufacturing and service sectors combined.Economic growth in the Creative Economy is driven by 3 T’s: Technology. Talent and Tolerance. Since theGọi ngay
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