ASSESSING THE SYMMETRIC AND ASYMMETRIC IMPACT OF HIGHER EDUCATION AND INNOVATION ON ECONOMIC GROWTH: A BRICS PERSPECTIVE

This study examines the relationship between higher education, innovation and economic growth in the BRICS economies (BRICS — Brazil, Russia, India, China and South Africa) over the period 2004–2019. The analysis is based on the human capital theory, endogenous growth theory and the knowledge-based economy framework. The study employs several econometric techniques, including instrumental variable regression, three-stage least squares (3SLS), panel vector autoregression (VAR) and both symmetric and asymmetric panel autoregressive distributed lag (ARDL) models. The findings reveal that higher education significantly enhances economic growth by promoting innovation. There is also evidence of a long-run equilibrium relationship among the variables. The asymmetric analysis shows that increases in educational investment and innovation have a greater long-term impact on growth than decreases, which supports the idea of nonlinear adjustment dynamics. The policy implications highlight the need for ongoing investment in higher education as a key strategy to encourage innovation-led and resilient economic growth in emerging economies.