Analyzing the Correlation Between University Rankings and the Economic Performance of Countries

Abstract

The main objective of this study is to examine the correlation between university rankings and the economic performance of countries, if university rankings are used as a proxy for the quality of higher education. The findings indicate that there is a correlation between the GDP (or the size of the country’s economy) and the number of universities in the top 500, but there is no correlation between the employment rate and the number of universities in the top 500 by the year of 2019. Hence, the results imply that GDP value rather than the employment rate of countries has an impact on university rankings (or the quality of higher education). Since it is thought that countries with higher or better levels of education, both in terms of quantity and quality, will also have stronger economic growth, the findings of this study could help policymakers make decisions about higher education and the economy.

Keywords

• economy
• employment rate
• gross domestic product
• quality
• university rankings

Üniversite Sıralamaları ile Ülkelerin Ekonomik Performansı Arasındaki İlişkinin İncelenmesi

Abstract

Bu çalışma, bir ülkenin yükseköğretim sisteminin kalitesi için bir vekil olarak üniversite sıralamaları kullanılıyorsa, üniversite sıralamaları ile ülkelerin ekonomik performansı arasındaki ilişkiyi araştırmaktadır. Bulgular, 2019 yılında ülkelerin GSYİH (veya ülke ekonomisinin büyüklüğü) ile THE Dünya Üniversite Sıralamasına göre ilk 500'de yer alan üniversite sayısı arasında doğrudan bir ilişki olduğunu, ancak istihdam oranı ile ilk 500’de yer alan üniversite sayısı arasında doğrudan bir ilişki olmadığını göstermektedir. Mevcut literatür, daha kaliteli eğitim düzeyine sahip ülkelerin daha güçlü ekonomik büyümeye sahip olacağını gösterdiğinden, bu çalışmanın bulgularının yükseköğretim ve ekonomi politika yapıcıları için faydalı olacağı öngörülmektedir.

Keywords

• ekonomi;
• istihdam oranı
• gayri safi yut içi hasıla;
• kalite;
• üniversite sıralamaları

References

1. Açıkgöz, Ö. & Günay, A. (2021). Short-term impact of the Covid-19 pandemic on the global and Turkish economy. Turkish Journal of Medical Sciences, 51(7), 3182-3193. https://doi.org/10.3906/sag-2106-271
2. Altbach, P. G. (2004). The costs and benefits of world-class universities. Academe, 90(1), 20-23.
3. AREPPIM (2014). Correlation of top-ranked universities to national GDP. https://stats.areppim.com/stats/stats_unixcorrxpib_2010_14.htm
4. Barro, J. (1991). Economic growth in a cross section of countries. Quarterly Journal of Economics, 106(2), 407–43.
5. Barro, J. (1999). Human capital and growth in cross country regressions. Swedish Economic Policy Review, 6, 237-77.
6. Becker, G. (1964). Human capital. New York: Columbia University Press.
7. Bloom, D., Canning, D., & Chan, K. (2006). Higher education and economic development in Africa. Mimeo: Harvard University.
8. Clifford, T. K. L. (2014). University rankings game and its relation to GDP per capita and GDP growth. MPRA Paper 53933, University Library of Munich, Germany.

9. Delgado-Marquez, B. L., Hurtado-Torres, N. E., & Bondar, Y. (2011). Internationalization of higher education: Theoritical and emprical investigation of its influence on university institution rankings. RUSC. Universities and Knowledge Society Journal, 8(2), 265-284.
10. Dereli, T., Baykasoglu, A., Altun, K., Durmusoglu, A.,& Türksen, I.B. (2011). Industrial applications of type-2 fuzzy sets and systems: A concise review. Computers in Industry, 62(2), 2011, 125-137. https://doi.org/10.1016/j.compind.2010.10.006
11. Gemmell, N. (1996). Evaluating the impacts of human capital stocks and accumulation on economic growth: some new evidence. Oxford Bulletin of Economics and Statistics, 58(1), 9-28.
12. Hanushek , E. (1995). Interpreting recent research on schooling in developing countries. World Bank Research Observer, 10(2), 227-246.
13. Hanushek, E. & Kimko, D. (2000). Schooling, labor force quality, and the growth of nations. The American Economic Review, 90, 1184-1208.
14. Hanushek, E. & Woessmann, L. (2007). The role of education quality in economic growth. Policy Research Woring Paper, World Bank, no. 4122.
15. Hastings J, Neilson C., & Zimmerman, S. (2015). The effects of earnings disclosure on college enrollment decisions (NBER Working Paper 21300). Cambridge, MA: National Bureau of Economic Research.
16. Kaya, M. & Erbay, E. (2020). Global Trends of the researches on COVID-19: A bibliometric analysis via VOSviewer. Journal of Ankara Health Sciences, 9(2), 201-216. DOI: https://www.doi.org/10.46971/ausbid.817925
17. Krueger, A. & Lindahl, M. (2001). Education for growth: Why and for whom?. Journal of Economic Literature, 39(4), 1101-1136.
18. NAFSA (2022). International student value. https://www.nafsa.org/policy-and-advocacy/policy-resources/nafsa-international-student-economic-value-tool-v2
19. Nogales, R., Córdova, P. & Urquidi, M. (2020). The impact of university reputation on employment opportunities: Experimental evidence from Bolivia. The Economic and Labour Relations Review, 31(4), 524–542.
20. OECD (2009). Higher education to 2030: Globalisation. Centre for Educational Research and Innovation.
21. OECD (2021). OECD Economic Outlook. Paris: OECD Publishing.
22. Salmi, Jalmi. (2009). The challenge of establishing world-class universities. Washington, DC: World Bank.
23. Stevens, P. & Weale, M. (2003). Education and economic growth. NIESR Discussion Paper, National Institute of Economic and Social Research, no. 221.
24. THE (2019). World University Rankings 2019: Methodology. https://www.timeshighereducation.com/world-university-rankings/world-university-rankings-2019-methodology
25. THE (2021). World University Rankings 2021. https://www.timeshighereducation.com/world-university-rankings/2021/world-ranking#!/page/0/length/25/sort_by/rank/sort_order/asc/cols/stats
26. Usher, A., & Savino, M. (2007). A global survey of university ranking and league tables. Higher Education in Europe, 32(1), 5-15.
27. Werron, T., & Ringel, L. (2017). Rankings in a comparative perspective. Conceptual remarks. In S. Lessenich (Ed.), Geschlossene Gesellschaften. Verhandlungen des 38. Kongresses der Deutschen Gesellschaft für Soziologie in Bamberg 2016 (pp. 1–10). Essen: DGS.
28. Wilbers, S., & Brankovic, J. (2021). The emergence of university rankings: a historical‑sociological account. Higher Education. https://doi.org/10.1007/s10734-021-00776-7
29. World Bank (2022). World Bank open data. https://data.worldbank.org/