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This paper discusses the economic value of college education as well as general education. Major findings are as follows: First, the rate of return to one more year of education in college, in Korea, ranges from 9% to 17%, depending on the demand and supply conditions in the labor market. Second, the returns to education increase when the economic environment is in the dynamic and rapidly changing state rather than it is in the steady state. Finally, “general education” is more important than “professional education” to adapt the rapidly changing environment. The importance of the “general education” will be greater as the fourth industrial revolution brings more uncertainty to the society.
Choi et al. (Tue,) studied this question.