Higher Education and Development in the Knowledge Society

Abstract

Engendering well-being, peace and prosperity in a nation is a long-standing critical issue for possibly all countries worldwide. Many earlier hypotheses and formulas on how to generate ‘wealth’ have proven inadequate or failed. At the beginning of the twenty-first century, the consensus was that the concepts of inclusive political institutions and inclusive economic institutions were crucial to development. However, with economic purposes, governments are increasingly prioritizing the acquisition of practical training and skills. This work argues that these policies are misleading. The integral education in higher education, especially by means of substantial positive externalities, can facilitate economic growth.