The Economic Impact of the University of Virginia: How a Major Research University Affects the Local and State Economies
AbstractThe University of Virginia, by providing world-class educational opportunities to citizens of the state, has played an important role in the lives of Virginians since its founding in 1819. The University enhances economic opportunity and provides a steady stream of citizens prepared to assume positions of leadership in business and in public service. In carrying out its core missions of education, research, and service, U.Va. has a vital impact on its community, on its region, and on the entire state. A complete picture of the economic impact of the University requires both a close-up lens, for the impact on the local community, and a wide-angle lens, for the impact on the state as a whole. Earlier studies of this sort have concentrated mostly on the local effects of university spending. This study extends the earlier work by adding to the traditional local economic impact analysis an overview of how a large public research university can contribute to the economy of an entire state. In making our case we review the literature on the economic rationale for state support of a major research university with a large component of students from other states and from other nations.
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Bibliographic InfoPaper provided by Center for Economic and Policy Studies in its series Reports with number 2007-01.
Length: 88 pages
Date of creation: 22 Jan 2007
Date of revision:
Virginia university education research;
Find related papers by JEL classification:
- I2 - Health, Education, and Welfare - - Education
- H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
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