The Role of Education in Knowledge Economy: Comparative Study of Selected Countries

Abstract

"Knowledge Economy" is a term used to describe an economy in which knowledge and innovation play a significant role in economic growth. The growing importance of knowledge as a factor of production, as well as its considerable impact on qualifications, training, organisation, and innovation, characterises the growth of the knowledge economy. For becoming a successful knowledge-based economy, nations must act simultaneous on their information and communication infrastructure, education, innovation systems, economic and institutional regime. A country's education system determines its economic growth and development. A global knowledge-based economy fuelled by modern technologies is today's popular vision. The development of higher education and the central role of higher education in national and European economic policy reflect this viewpoint. The aim of this research is to study knowledge economy in Indian education context and compares it with selected nations to provides a useful benchmark.