Introduction

Abstract

It is no coincidence that the rising demand for higher education has developed in parallel with the expansion of a “knowledge economy” (KE). As the Organization for Economic Cooperation and Development (OECD, 1997) suggests, economic activities are now closely linked to education. Innovation-driven economies are said to be dependent upon smooth flows of knowledge (both tacit and codified) and investments in “adoption capability” (or the knowledge embodied in skilled labor as “human capital”). Put simply, investments in human capital augment skilled labor my making skilled workers more productive. (Goldin & Katz, 2008; Acemoglu & Autor, 2 012).