KLEs Institute of Management Studies and Research, BVB Campus, Vidyanagar, Hubli, Karnataka, India.
Abstract
The goals and effects of higher education on the economy and society have experienced numerous changes throughout history.
Considering the context is crucial as institutional and policy processes in higher education evolve, differ among countries, and vary between
political systems. This essay compares the utilitarian and inherent conceptual frameworks to examine the purpose of higher education and its
institutional components. The analysis of various educational traditions is conducted in a critical manner, and these traditions are utilised as
examples to provide insights for current policymaking. This article employs accurate conceptual associations as it recognises the inseparability
of higher education from other educational levels. The significance of this lies in the organic integration of social science literature, which
provides recommendations for the future based on well-established practices that were previously disregarded due to an excessive dependence
on market-driven approaches. This offers novel perspectives on the significance of conceptual “bridging” and reconciliation in advancing
policy-guiding theories. The discussion on the purpose of higher education analyses the current trends of growing social inequality in the
Western Hemisphere, their connection to the prevalent higher education model, and the essential policy decisions needed to ensure continued
growth in participation. This article contends that the prevailing emphasis on labour market-oriented policies in higher education has resulted
in an escalating level of rivalry. As a result, higher education has transformed into a conventional marketplace where degrees and achievements
are seen as currency that can be exchanged for value in the job market. The original purpose of education was to help people grow, but it has
since changed to help with economic development. Owing to the exorbitant expenses associated with tertiary education, despite the purported
transparency of regulations, only a privileged minority can actually afford it. Policymakers should contemplate adopting a hybrid paradigm
that recognises both the inherent value and the practical benefits of higher education. This shift would help foster inclusive educational systems
and contribute to the development of a fair and well-informed society. India is currently experiencing substantial transformations in its social,
cultural, and economic sphere. While there is a decrease in job opportunities, business graduates are also lacking the necessary knowledge and
skills required by the industry. To bridge the gap between academic coursework and the demands of the business world, commerce education
should be comprehensive and extensive focused, and specifically designed to prioritise qualities such as mindset, corporate knowledge, personal
presentation, and the cultivation of leadership abilities. In order to make the business curriculum more suitable for society, it is critically
important to reform and realign it. The government should strive to develop novel methodologies to improve the nation’s educational system.
Keywords: Instructional Traditions, Restructuring, Comprehensive, Social Inequalities, Educational System
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