Universities play an important and multi-faceted role in the knowledge economy. By producing new knowledge through scientific research and providing advanced and specialized education, they contribute to economic growth and development. Studies that have tried to estimate the impact of university research on economic growth have found a positive effect of investment in public research on productivity growth (Martin, 1998), sometimes larger that the effect of investment in private research (Guellec and van Pottlesberghe, 2002) - though with longer time lags (Adams 1990). Universities also have positive effects on the formation of human capital, leading to higher labour productivity and economic growth (Mankiw et al., 1992).
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