THE VALUE OF ACADEMIC RESEARCH

Research can be defined as the process of discovery and creation of new knowledge. A vital role for universities is to carry out research, and success in this activity is a good gauge of the well-being of these academic institutions. All leading universities of the world (such as Harvard, Cambridge and Oxford universities) have a strong commitment to supporting research, and this is the foundation of their good reputations. Research is vital to any society and positive outcomes go way beyond the direct practical application of new discoveries. By nurturing creativity, critical thinking, open-mindedness and enquiry, research has the broad benefits of building a strong democratic ethic in society. Today we refer to the importance of the ‘knowledge based economy’ where societies become more reliant on creation and exploitation of new knowledge to understand and overcome economic and political challenges. An active research community allows countries to benefit directly from new developments of the twenty first century and to participate in developing a knowledge-based economy. The benefits of an active research environment can have both direct and indirect effects on society. Some of these benefits are listed below.