Can education equality trickle-down to economic growth? The case of Korea

Abstract

Education equality is generally neglected in the literature that investigates education's contribution to economic growth. This paper examines the case of Korea where economic growth, education equality (as measured by years of schooling), and educational quality have all been on the rise for many decades. Using time series data on schooling for adults of 25-85 years, a measure of education equality is calculated. Education equality is shown to be increasing through the years. A Cobb-Douglas production function for the economy was estimated using both ''years of schooling'' and ''education equality'' measures. When both measures are included, education equality is a strong predictor of economic growth.