ISSN: 1971-890X The paper evaluates the regional and local economic impact of the University of Cardiff, dividing its effects into two major sides: \u201dexpenditure impacts\u201d and \u201dknowledge impacts\u201d. It reviews the major tools and methodologies available in the literature to assess the two sides. It measures the \u201dexpenditure impact\u201d in the financial year 2000-2001 through a Keynesian multiplier model developed by the Centre for Advanced Social Studies (CASS) in order to compare that same impact in the financial year 1994-1995. It assesses the university\u2019s \u201dknowledge impact\u201d through two main variables: 1) employment and destination of graduates or \u201dpeople impact\u201d; 2) kind of knowledge produced. It concludes that Cardiff University\u2019s graduates enjoy a full-employment and, according to our conceptual framework, it classifies Cardiff\u2019s higher education system as \u201dnon-active\u201d positional competition and \u201dsocial knowledge\u201d production
