ROLE OF ACADEMIC EXCHANGES IN THE KNOWLEDGE ECONOMY

ROLE OF ACADEMIC EXCHANGES IN THE KNOWLEDGE ECONOMY Georgi ILIEV

SUMMARY 1. My story of academic exchanges and study abroad 2. Two aspects of the importance of academic exchanges: intensity of life and social networks 3. Economics of academic exchange 2

MY STORY Study abroad and academic exchanges: China: 1 year London: 1 year Atlanta: 1. 5 years Hong Kong: 0. 5 years Internships: China: 6 months Atlanta: 4 months Bolivia: 2 months 3

BENEFITS FROM ACADEMIC EXCHANGE Structured knowledge Practical experience Multicultural skills Collaboration Dealing with change Intensified life Global network of contacts 4

PSYCHOLOGY OF STUDY ABROAD – LIFE AT HIGHER SPEED Life is most intense when abroad because of: - fixed planning horizon - fleeting opportunities for learning and contacts Freedom to experiment and go against the tide Numerous opportunities for communication since other exchange students are in same position 5

GLOBAL NETWORKS Study abroad in the past: the preserve of children of diplomats and military brats Study abroad + online social networks now allow for the first time to maintain transcontinental social networks 6

HEAT MAP OF MY FACEBOOK CONTACTS 7

DISTRIBUTION OF MY LINKED-IN CONTACTS 11% Atlanta 8% New York 5% China 5% London 5% Hong Kong 8

INVISIBLE WALLS 9

NETWORK EFFECTS Study abroad target locations are usually more networked places than the place of origin social networks develop not only with local citizens but with global ones. Talent converges in the most global cities and studying there is the easiest way to gain access to these networks, even if one leaves afterwards. Throughout history, the engine of human progress has been the meeting and mating of ideas to make new ideas (Matt Ridley). Serendipity: in the globalized world, information is scattered so one needs to maximize chance encounters in different locations and social networks (The Economist, July 24, 2010). http: //www. ted. com/talks/lang/eng/matt_ridley_when_ideas_have_sex. html 10

ANCIENT CHINA KNEW ALL ABOUT NETWORKING 水往低�流 , 人往高�走 Water flows downwards, people move upwards 天外有天, 人上有人 Above the sky there is still more sky; As capable as you are, there is always someone more capable 11

ECONOMICS OF ACADEMIC EXCHANGE Erasmus can help spur European labor mobility and make Europe’s economy more efficient. Fulbright can do this on a global scale. Pareto efficiency: an improvement in one’s own prospects should not lead to a deterioration for the remaining participants in the system. To encourage exchange, society must learn two things: 1. Letting Go 2. Giving Back 12

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