Universities in today’s world-between the potential regional growth and market economy absorption

Abstract

Abstract Recently, various studies have demonstrated the significance and impact of universities on regional development. However, the determinants of their success are either economic performance, student enrolment, or issued patents. It is believed that universities have adopted the utilitarian paradigm too heavily, focusing primarily on the number of students or the students’ skills while neglecting individual growth and the university’s raison d’etre. Case studies, which depend on various other variables and biases, provide most examples of successful universities. According to scientists, universities became overly dependent on the economic system due to excessive involvement. This study employs a spatial regression model to examine the impact of universities and students on the qua lity of life and industry specialisation. According to the study, universities affect European regions’ quality of life. The number of students at each level of education negatively influences the industry’s presence. However, the population’s lifelong learning share positively influences the regional economy. The study examines education indicators using a spatial approach, making it more generalisable than earlier case study research.