Explain the role of education in knowledge economy.

Higher education institutions (HEIs) have traditionally played two vital roles in society and the economy: education and research. Universities educate the brightest young people to prepare them to be informed citizens, to have successful careers, and eventually to assume leadership roles in for-profit, non-profit, and government organizations; their faculties produce new knowledge that informs the education of future genera underpins technological progress. As the global economy has become more knowledgebased, a ‘third stream’ of activities has been added to these traditional roles: outreach to the community and companies, and technology transfer to help stimulate economic development and a prosperous society. The UK Government, like its counterparts in many other countries, has focused recent attention on ways to enhance the flow of benefits from this third stream (Roberts Report, HMT, 2002). In addition to balancing these three roles, HEIs are making a variety ______ ________ ______ ______ ______ ___ __________ ____ __________ __________ ____ _______.
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