The aim of this study is to analyse the relationship between technological change and the educational wage premium in Korea. The main findings are as follows. First, the changes in educational wage premium were mostly affected by shifts in the supply of college graduates from 1983 to 1993 while the changes were affected more by the shifts in labour demand from 1993 to 2000. Second, the educational wage premium is greater in the industries with rapid technological change than in the industries with slower technological change. Third, the educational wage premium associated with the technological change is mostly explained by the returns to worker's unobserved heterogeneities, which is correlated with education, rather than the returns to education per se. Finally, there are some evidences that skill biased technologies are developed as the number of skilled workers are increasing.

By using the quantile regressions of earnings equation, we find that the educational wage premium is higher in industries with rapid technological change than in industries with slower technological change at every decile in the distribution of wage residuals. The wage premium associated with the technological change is mostly explained by the returns to workers' unobserved heterogeneities, which are correlated with education, rather than the rents of high-tech industries.

This paper discusses what to teach when it comes to teaching market economics as a course in general education, and how to teach it as well. The contents should include the concepts of efficiency and equity and also the manner in which they are intertwined. Following the introduction of basic concepts, the derivation of the demand and supply function based on the optimization principle, along with the market equilibrium under various market organizations, are to be explained.We also note that market failure should be taught to the students. The contents do not need to be extensive and complicated as long as the basic concepts are included. The method of teaching also does not need to use rigorous mathematical methods.Instead, it should be simple and sometimes even intuitive as long as it maintains a certain academic quality and standard.

This paper conducted an empirical analysis of the effect of awareness of the importance of liberal arts education on individual wages, job satisfaction, and non-cognitive ability using data from the 11th and 18th supplementary surveys of the 「Korea Labor and Employment Panel Survey」.</br>The main findings were as follows: First, individuals who recognized that liberal arts education in college was important received approximately 9% to 13% higher hourly wages in the labor market after graduation than individuals who did not. Second, individuals who recognized that liberal arts education was helpful in their work life had higher overall job satisfaction than individuals who did not, and highly valued the work they were doing. Third, individuals with a positive perception of liberal arts education showed a locus of control score (one of the measures of non-cognitive ability) of about 0.15 standard deviation points higher than those who did not. This accounts for about one-tenth of the wage gaps generated by the differences in the degrees of perception regarding liberal arts education</br>This result is presumed to be because liberal arts education cultivates both cognitive and non-cognitive abilities, and at the same time, liberal arts education is more effective in an uncertain environment than in a stable one.