Abstract
Knowledge is working as an engine in achieving sustainable economic development goals for societies who are shifting from labor intensive economy to knowledge based economy like Pakistan. Education works like a backbone in knowledge based economies. Hence, the current research is planned to find out that is the educational institutions of Pakistan are contribution in production of new knowledge or not. Survey was the technique used by researcher for collection of information. Tool for gathering data was questionnaire and sample was selected from six public and private universities of Punjab Pakistan by applying simple random technique while the sample size was comprised of 606 respondents. Both descriptive and inferential statistical techniques were considered to analyze the data. Association found between the efforts made by higher educational institutions by providing access to knowledge, rich infrastructure, funds, incentives, research and development, human capital development, collaboration with industry and creation of knowledge economy.
Highlights
The nations are achieving their developmental goals by using knowledge as tool
Hypothesis 1: There is association between access to Knowledge provided by educational institutions and creation of knowledge economy
Higher the access to knowledge is provided by the educational institutions higher will be the creation of knowledge economy as it can be evident by above mentioned responses
Summary
The nations are achieving their developmental goals by using knowledge as tool. In economic development of countries, knowledge plays a crucial role (Kefela, 2010). Different studies were conducted to find the effects of collaboration of university and industry and it is suggested that more investigation is need to understand the link between both (Mushtaq, Parveen, Hussain, & Iqbal, 2020) Despite of this fact, it is evident that knowledge sharing between both university and industry produce new knowledge for the economic development of society. It is evident that knowledge sharing between both university and industry produce new knowledge for the economic development of society This collaboration enhances the chances of growth especially for developing countries those have limited resources (Ankrah & Omar, 2015). The triangular relation between research, innovation and education is highlighted by European Union for developing countries economically by creating new knowledge. The most significant components of generation of new knowledge are scientific and technological knowledge, infrastructure, funds incentives, research and development, human capital development and collaboration with industry. In proceeding portion it can be analyzed that the educational system of Pakistan is trying to create knowledge by using these components or not
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