Page 2 - Education and Inclusive Growth --Jong-Wha Lee Korea University

148 ᐿ࿲ၾආӉj઺ԃٙɢඎ

development of digital technologies and automation is a key challenge to

support innovation and productivity growth as well as inclusive labor markets.

Keywords: Education, growth, income distribution, skill

JEL Classifications: I24, I25, O15

Introduction

Education, which entails the acquisition of information, knowledge, skills

and values, is an important means to personal development, as well as a basis for
national development. The subject - a role of education for economic, political
and social development - has been studied by a lot of researchers across many

disciplines including economics, education, politics, and sociology. Confucius,
in ancient times, said “A jade without chiseling will not become a useful object.
A man without learning will not know the way. The rulers should put education
first to govern the state and manage people (The Book of Rites) . In human
3
capital theory by Becker (1964) and Mincer (1974), educational attainment is
a key component of human capital held by an individual, thereby determining

lifetime earnings in labor markets.
4
The modern economic growth theories explain the aggregate level
of human capital, particularly that attains through education, as a critical

3
͗ʔ೚dʔϓኜiɛʔኪdʔٝ༸f݂݊̚ʘˮ٫dܔ਷ё͏d઺ኪމ΋f
ᓿাhኪা‘
4 Educational capital is considered as a main component of human capital. However,
human capital can be more broadly defined as comprising other factors such as
health, job experience and skills.