The Impact of Research Universities on Regional Economies: The Concept of University Products
In what ways do research universities interact with regional economies? The answer to this central question can be found in a framework of the interaction of university products and necessary factors for technology-based economic development. The bundled nature of university products makes it impossible to separately assess the impact of universities on their regional economies. The National Science Foundationâ€™s ranking of top research universities and retrospective data on academic R&D expenditures are used in regression models to measure universitiesâ€™ long-term effects over the phases of the latest business cycle. The pattern of statistical significance and the signs of the regression coefficients suggest that the presence of research universities has a positive effect on metropolitan economies above cyclical economic changes. The effect differs depending on the scale of university R&D expenditures and suggests that the most prominent research universities have a stronger impact on their regional economies.
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