This paper introduces a theoretical model based on a fairly new viewpoint on education, by which people are informed of their expected outcomes of future education. According to the model, the effect of the recent rapid development in East Asian countries, on the demand of education is examined, using panel data of 10 East Asian countries. We believe that our framework offers the key to an understanding of the interdependent relation between schooling and economic development in recent East Asia. It is also found that the impact of the economic development on educational demand is larger for boys, particularly in tertiary education.
Iwahashi et al. (Wed,) studied this question.