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Education policy in South Korea: A contemporary model of human capital accumulation?

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  • Patrik Hultberg
  • David Santandreu Calonge
  • Seong-Hee Kim

Abstract

We argue that South Korean families with children are today overinvesting in the level of education due to their high levels of expenditures on private after-school tutoring programs. This situation has evolved due to a combination of factors: a changing labor market, increasing housing and debt payments, as well as an educational “arms race” among Korean families with children. These changes are exacerbating both economic and social issues in Korean society, but are increasingly difficult to address due to issues of complementarity and coordination failures related to educational expenditures. Korea might be inexorably falling into a surprising “education trap.”

Suggested Citation

  • Patrik Hultberg & David Santandreu Calonge & Seong-Hee Kim, 2017. "Education policy in South Korea: A contemporary model of human capital accumulation?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1389804-138, January.
    • Handle: RePEc:taf:oaefxx:v:5:y:2017:i:1:p:1389804
    DOI: 10.1080/23322039.2017.1389804
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