University of Peradeniya, Sri Lanka. University of Peradeniya, Sri Lanka. Knowledge Economy: Role of Universities and Higher Education Institution. Research Symposium 2011 Uwa Wellassa University of Sri Lanka Keynote Address Prof. Shantha K. Hennayake Head, Department of Geography
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Research Symposium 2011
Uwa Wellassa University of Sri Lanka
Prof. Shantha K. Hennayake
Head, Department of Geography
University of Peradeniya, Sri Lanka
December 15, 2011
In the modern world, the commodity known as the knowledge has come to dominate the economies and thus the quality of life of people.
As the centers of production of knowledge, the Universities and other higher education institutions have assumed a commanding place.
The responsibility of the University today is to produce high quality knowledge product that can directly and indirectly transform the society into a better place of living.
Where goes the University so goes the nation.
The Evolution of global economy
The emergence of knowledge economy
The emergence of knowledge as a commodity
Uniqueness of the knowledge commodity
Role of the Universities
High quality product
Active marketing and advertising
Role of the Teacher
Role of the Student
Beginning – 3000 years – Primitive - Hunter-gatherer
3000 y – 1600- Agriculture - farmer
1600- 1850 - Trade and commerce -trader
1850- 1970 – Industry -industrialist
1970 - 2000 - Services - professionals
2000 - Knowledge - Intellectuals, innovators
Societal needs become more sophisticated
The market become more competitive
Production systems become more efficient.
Research - fundamental and applied -become increasingly a part of production system.
Thus universities have become an intrinsic part of the economy and thus knowledge economy
Knowledge is becoming the most important factor of production
A commodity is
Something that has a value in the market/society.
Production has a cost
Something bought and sold in the market.
Poor quality commodities looses the market
Good quality commodities win
Subject to the market rules – demand and supply.
Knowledge is a factor of production and a product at the same time.
Knowledge is an unusual commodity.
It is not space bound and cannot be contained.
It takes time to produce this commodity
Reproduces itself as a chain
Three pillars in the production of knowledge
The institution- the University
The teacher - Lecturer
The student – Undergraduate and postgraduate student
Creating an attractive workplace
Have all inputs in place
Provide a salable product- academic program and curriculum
Produce a high quality product- can compete in national and global market
Global market – extremely competitive
Reliable supply – uninterrupted supply
Active marketing and advertising
Having very high expectations
Raising the bar to very high (international) levels
Develop high level of English competence
Develop managerial skills (optimum use of resources)
Develop national and global literacy
Develop a critical and intellectual mind
Develop competitive spirit
Develop profit motive
Develop civic responsibility