Cost Benefit Analysis of Secondary Vocational Education
2018
Kim, J., Seoul National University, Seoul, Republic of Korea | Choi, S., Seoul National University, Seoul, Republic of Korea | Jeon, Y., Korea National Open University, Seoul, Republic of Korea | Ryu, J., Seoul National University, Seoul, Republic of Korea | Kim, S., Seoul National University, Seoul, Republic of Korea
The purpose of this study was to identify the economic effects of vocational education at secondary level, using the internal rate return method. For the purpose, the benefits and costs of secondary vocational education were defined, the benefits and costs were financially valued, and finally the internal rate of return was calculated by comparing benefits and costs. the main results are as follows. First, the internal rate of return of men educated in a vocational high school was 2.53%p higher than that of the men educated in a general high school, and the internal rate of return of women educated in a vocational high school was 6.27% higher than that of women educated in a general high school. in other words, the internal rate of the return of secondary vocational education is higher than that of general education. Second, in the analysis comparing the profits of male and female high school graduates with the profits of middle school graduates, the results of investment return analysis of female high school graduates did not appear. In other words, the education income of female high school graduates is lower than that of middle school graduates, so that low labor market status and low wage phenomenon of female high school graduates can be deduced form domestic labor market. Third, the return on education investment of vocational education differed according to gender, and the rate of return on education investment was higher for women than for men. These results are in contradiction with the previous studies, and are due to differences in analysis methods and analysis period. Based on these results, several follow-up studies were proposed.
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