Knowledge economy and higher education institutions: A review

The centrality of knowledge has resulted in knowledge economy. Among the several sectors contributing in the development of such economy, education sector has emerged as one of key sectors. Further, the higher education institutions may have huge contributions to such economy. In return, the industry also provides various resources to the universities for effective creation and dissemination of knowledge that can help the industries to create sustainable businesses. The first objective of the study is to understand the relationship between the ‘higher education institutions’ and the ‘knowledge economy.’ Moreover, the academicians being a key stakeholder of the such institution, may be vital role in establishing a strong knowledge economy. Therefore, the study also aims to understand the contributions of academicians in knowledge economy and their knowledge sharing behaviour at the workplace. It has been found that universities may have huge impact on the knowledge economy through various contributions including providing feasible solutions to the socio-economic issues, innovation in the society and the industry, producing human capital for the industries, and positively impacting the GDP per capita of the nation. Further, based on extant literature, the study has identified some key factors that may affect the academicians’ knowledge-sharing behaviour including ‘attitude toward knowledge sharing’, ‘subjective norm’, ‘perceived behavioural control’, ‘intention to share knowledge’, ‘motivation to share knowledge’, and ‘organizational climate’ with sub-dimensions ‘organizational culture’, ‘ICT’, ‘innovation’, and ‘affiliation.’

⓿ Knowledge economy focuses on an education curriculum that promotes innovation, entrepreneurship, and socio-economic upliftment.

⓿ In the contemporary knowledge-based societies, universities have become critical in achieving economic growth.

⓿ A significant contribution of the university can be seen in the form of production of highly skilled knowledge workers who can be an asset for the economy.

⓿ Industry-university collaborations create opportunities for both the parties and help them to remain relevant in the modern economy.

⓿ The universities because of their infrastructure, employment, and commercial activities, may impact the GDP per capita of that geographical region.