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Is Korea number one in human capital accumulation? : Education bubble formation and its labor market evidence

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  • Is Korea number one in human capital accumulation?
  • Lee, Ju-Ho; Jeong, Hyeok; Hong, Song-Chang
  • KDI School of Public Policy and Management


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Title Is Korea number one in human capital accumulation?
Similar Titles
Sub Title

Education bubble formation and its labor market evidence

Material Type Reports
Author(English)

Lee, Ju-Ho; Jeong, Hyeok; Hong, Song-Chang

Publisher

[Sejong, South Korea]:KDI School of Public Policy and Management

Date 2014-08
Series Title; No KDI school of pub policy & management paper / 14-03
Pages 66
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Social Development < Employment
Holding SSRN

Abstract

This paper proposes a new conceptual framework of “education bubble” in analyzing the human capital investment and formation. We apply this concept to the Korean experience. Sixty years ago Korea was destitute not only of income but also of all sorts of education, but now it is one of the leading countries in educational attainment as well as in other conventional measures of human capital investment indices such as the PISA tests and the number of researchers. We argue, however, that such phenomenal expansion of these quantitative measures involved the problems of enormous burden of private tutoring and the mass production of low-quality higher education institutions, which did not contribute to increasing the effective unit of human capital particularly since the 1990s. (The rest omitted)