How dynamic have the returns to education been with technological change? A case study from 1998 to 2021

Sungho Park, Chulwoo Baek and Jeong-Dong Lee

Applied Economics Letters, 2025, vol. 32, issue 15, 2229-2233

Abstract: This study determines the dynamics of the rate of return on investment in education that reflects technological change. To this end, the case of Korea was analysed using the Korean Labor and Income Panel Study data from 1998 to 2021. As a result, a recent trend in the rate of return on investment in education has been declining, and it has been confirmed that the shape of knowledge obsolescence has changed. This means that it is difficult to adequately respond to technological changes only with the current regular education system, and suggests that lifelong education is necessary.

Date: 2025
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DOI: 10.1080/13504851.2024.2332565

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