In a rapidly technologically-changing world, technology makes a significant difference to
the economic growth of nations. UNDP (2001) developed a technology achievement index
(TAI), based on the degree of creation of technology in a given economy, the extent of
diffusion of old and recent innovations, and human skills. It is clear from this body of work
that the level of achievement in technology critically depends upon the level of higher
education in a given economy. This is so because it is higher education and research that
help in developing new technology; and it is higher education and research that contribute
to innovations and their diffusion. One can therefore expect a very strong effect of higher
education on the development of technology in any society. In fact, the level of achievement
in technology may be a close indicator of economic growth itself. Most countries with high
enrolment ratios in higher education became ‘leaders’ in technology, with high levels of
achievement in technology, as shown in Table 2. The converse is also true: a large number
of countries with low enrolment ratios (say less than 20%) are ‘marginalised’ in the area of
technology. Those with medium level of enrolment ratios (nearly 10%, like Singapore and
Hong Kong) have indeed become ‘potential leaders’ in technology (Table 2).