Research and education: the knowledge cluster
Bavaria’s academic community is large and productive.
- It is comprised of nearly 50 institutions of higher education including LMU Munich and TU Munich with a total enrolment of 287,000 students. Of them, about 50,000 are majoring in economics and related disciplines.
- Bavaria’s research community is equally large and renowned. In addition to university and corporate facilities, it includes twelve institutes of the Max Planck network, which devotes itself to basic research, and which is headquartered in Munich. Also headquartered in the city is the Fraunhofer Society. With seven institutes in Bavaria, Fraunhofer is Germany’s leading network of research application.
- Among the many other research institutes in Bavaria: Munich’s IFO Institute for Economic Research.
To ensure that the fruits of this research are turned into market-making products and services, Bavaria’s government has set up an infrastructure of innovation forging and maintaining close working ties between the state’s scientific (and especially their technology transfer and financing departments) and business communities. Clusters form the nodes of this infrastructure. Their coalescence and cultivation are focuses of state policies. These clusters promote the development of curricula and research projects meeting corporate needs and recognizing and anticipating technological trends. These, in turn, foster product innovation and the international-level viability of Bavaria’s financial community.
The state of Bavaria’s clusters campaign led to the setting up in 2006 of Bavaria’s Finance Center. The BFC maintains a close working relationship with the Munich Financial Center Initiative. Entailed in this is the pursuing of projects leading to the development of advanced financial systems and services by the state’s business and academic communities.
Departments of economics at Bavaria’s universities