The Role of Universities in Building A Knowledge-based Economy in Saudi Arabia Custom Essay

Generally, knowledge-based economy refers to activities involving the use of information – its production,

transmission, and application to creating both information services and goods which may be termed “knowledge

products.” For some thinkers, a knowledge economy is synonymous with research, higher education, and the

production of knowledge products. For others, knowledge-based economies use knowledge as a tool or process to

generate wealth or increase efficiencies.

Over the past two decades the economies of leading countries have increasingly evolved into knowledge-based

economies, relying less on traditional resources such as capital and labor for wealth creation and growth. It is

generally accepted that the creation of new knowledge, innovation and technological change drive progress in such

countries. Economic activities based on new knowledge stimulate economic
growth, provide higher wages and greater employment opportunities, as well as enhance a country’s competitiveness

within the global environment.

The introduction should cover the following points:
1. What is knowledge-based economy?
2. The contribution of knowledge-based economy to economic growth and development.

2. Literature Review: (8 pages)

Science, technology and innovation, the cornerstones of the knowledge-based economy are now clearly on the agenda

of both developed and developing countries, as fundamental to achieving sustainable development across the globe.

The transformation of a country into a knowledge-based economy has a considerable impact on the role of a

contemporary university. The university plays a particular set of roles in the global knowledge economy.

The contribution of universities in building a knowledge-based economy can take the following aspects:

1. The commercialization of university know-how.
2. The process of technology transfer and exchange.
3. The changing nature of the knowledge society and the challenge this poses to the organization of knowledge

within higher education.
4. The central pressure upon higher education, from central government, to foster innovation and demonstrate

relevance to national and international competitiveness agendas.

Literature review should cover deeply and extensively the role that universities play in building a knowledge-

based economy, especially in promoting economic growth and development, in developing countries.

3. Universities and Knowledge-based Economy in Saudi Arabia: (8 pages)

Knowledge production has become a core function of the university since the emergence of the Humboldtian model of

the university in 1810. The policy profiles of universities and other higher education institutions have

undergone profound changes over recent years, and this has been along a number of key
dimensions, including innovation, knowledge transfer, economic and social development and spin-outs. A key area

has been in respect of how universities can support and develop the innovation process and the way universities

can sustain this process to benefit economic growth and development.

The kingdom of Saudi Arabia has invested heavily in its social sector, especially in setting up new universities.

Although higher education institutions in the developing world still lag behind their counterparts in the

industrialized countries, they are gradually becoming aware of the role of higher education as an essential

factor in the transformation to a knowledge-based economy, and “a vital instrument of both international

cooperation and national competitiveness in securing the nation’s place on the global level.

This understanding is entering into government policies and strategic planning. Developing countries are becoming

more reliant on academic institutions in national development, especially in the production of information and

technology-based (ICT-based) education and research for the local market.

This section should discuss the universities’ role in a knowledge-based economy in Saudi Arabia based on the

context of literature review. This section must show Saudi universities help in building a Knowledge-based

economy in Saudi Arabia. This section must discuss the experience of one or two universities as a model, such as

King Saud University or/and King Abdullah University of Science and Technology (KUST).

 

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