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than otherwise would have been possible. On the other hand they also integrate a much wider
network of people in the process of research and teaching at university level and thus populate the
critical mass necessary for an emerging knowledge economy.
Current Challenges
One of the challenges in the development of human capital, which is so essential for knowledge
based economy, is the integration of education and knowledge institutions in local society. Without a
general society-wide integration of knowledge institutions, it is difficult to build up a critical mass for
a knowledge-based economy. Education for a select few will not build a knowledge economy for the
masses. In the Faroese case there has been a gradual long-term evolution of academic institutions
and learning, which have embedded knowledge institutions into the wider society. However, the
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