Universities and the Provincial Economy

“Governments have a critical role to play in shaping markets, not just fixing market failures… [r]esponding after a failure has occurred is, by definition, too late – and often carries a high financial and human cost, as we have seen with COVID-19 and the 2008 financial crisis. As the Province of B.C. advances its economic recovery agenda, it has the opportunity to shape a different kind of economy – one that is sustainable, inclusive, resilient, and oriented around solving problems that matter to people and planet.” – Marianna Mazzucato, world leading economist specializing in relationships between technological, economic, and social change.

[…] With rapid changes in the global economy, BC cannot afford to be complacent. We cannot continue to rely solely on our rich natural endowment as a source of wealth and an attractor of talent. It is increasingly urgent for us to modernize our economy to retain the standard of living we currently enjoy.

Our universities contribute strongly to the talent and ideas that drive national and provincial success, and therefore they should be seen as a key part of the economic plan of the province. This will require investments in advanced talent, particularly in graduate programs. It will require coordination and incentives by government for increased investment by business in R&D and innovation. And it will require ambitious goals to be set that involve cooperation and mutual benefits among business, government, and post-secondary institutions.

BC’s research universities are heartened that mission-oriented innovation priorities are being contemplated by the province and are eager to partner with government, industry, and Indigenous peoples to secure a prosperous future for all British Columbians. READ MORE

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RUN – RESEARCH UNIVERSITIES’ NEWSLETTER, VOL 20 | OCT 8, 2021