1. What can Job Training do? Is University the Sole Way of Life? – The Effects of School Education and Job Training on Wages in Korea 25
25 1. What can Job Training do? Is University the Sole Way of Life? - The Effects of School Education and Job Training on Wages in Korea - Abstract In contradistinction to Becker’s human capital theory, more educated university graduates in Korea suffer from high unemployment. In spite of this fact, the de- sire to go on to university continues to grow and any job related education and training are neglected. This study aims to find the reason behind this bias in Ko- rea concerning human capital investment. Employing the data taken from the ‘Korean Labor and Income Panel Study (KLIPS),’ the study estimates the ef- fects of school education and job training on wages by means of the random ef- fects and Heckman 2 step methods. The finding is that the effects of a university education on wages are much more profound than those of lower educational levels. The effect of job training turns out to be marginal compared with the ef- fect of school education. This tends to lead Koreans to invest so much in school and university education whilst holding job training in low esteem. Keywords: School education, Job training, Human capital, Wages 1.1. Introduction In 2008, 83.8% of all high school graduates went on to university or junior col- lege in Korea. This number is more than five times as high as it was in 1980. However, only 76.7% of graduates from all tertiary educational institutions and merely 69% of general university graduates found a...
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