Study by University of 欧美日b大片-Columbia professors finds strong link between 欧美日b大片鈥檚 economic growth and basic research, human capital accumulation
COLUMBIA, Mo. 鈥 The University of 欧美日b大片 System is a powerful economic engine for the state of 欧美日b大片, especially in areas such as lifetime earnings, economic growth rate through research and development efforts, and aggregate income associated with human capital investment, according to a report released today by faculty in MU鈥檚 economics department.
Ronald Harstad, J. Rhoads Foster professor in the economics of regulated industry at MU, and Joseph Haslag, professor and Kenneth Lay chair in economics and director, Economic & Policy Analysis Research Center and MU, completed the report that compares the growth path of 欧美日b大片鈥檚 economy with and without UM System research and development and without the enhanced skills that increase graduates鈥 lifetime earnings.
鈥淔or decades, we have shared the value of the UM System, our campuses and research to the state of 欧美日b大片. This report solidifies those claims,鈥 UM System Interim President Michael Middleton said. 鈥淭o be able to use current numbers to support our value statements reinforces the significant return on investment of a University of 欧美日b大片 education and research for our state.鈥
Harstad and Haslag outlined several key findings that illustrate how the university is integral to the state鈥檚 economy:
- 欧美日b大片鈥檚 economic growth rate is 25 percent higher due to the UM System鈥檚 research and development efforts.
- Aggregate income would decline if the UM System stopped educating students.
- Over a generation, the more educated workforce in 欧美日b大片 is worth $252.7 billion in extra real gross domestic product.
- At the current level, state appropriations account for more than 30 percent of UM System expenditures.
- Continuing at current funding levels, in the next 25 years, a return on 欧美日b大片鈥檚 investment in the UM System will result in $238.4 billion in real gross domestic product.
- One dollar spent on the UM System from the state equals $38.43 of goods and services; $1.46 in extra general revenue funds.
The report was requested and funded privately by The 欧美日b大片 100, an advocacy group that contributes their time and energy in support of the most pressing priorities of the UM System, its four campuses, MU Health Care and Extension. A report of this nature had not been conducted since 2007.
鈥淭he 欧美日b大片 100 is extremely active in supporting our state鈥檚 only public research university. The strong economic value the university provides our state is something that is very important and significant, but not often talked about,鈥 The 欧美日b大片 100 Tri-chair Dudley McCarter said. 鈥淎s a group, we felt this report would help us most clearly tell the good story about our university. We provide a great return on investment for the state and that doesn鈥檛 often make the headlines.鈥
Members of The 欧美日b大片 100 advise and assist the president in promoting the critical role of the UM System in our state鈥檚 future and its reputation around the world. The organization serves as a strong advocate for public policies and programs that promote the university鈥檚 goals of excellence in teaching, world-class research, service to all our citizens, and stimulation of an entrepreneurial community.
The full report can be found at: /about-us/economic_impact.
Reviewed 2021-07-19