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Sustainability 2017, 9(5), 676; doi:10.3390/su9050676

The Impact of Education and R&D Investment on Regional Economic Growth

1
Department of Agricultural Economics and Rural Development, Seoul National University, Seoul 08826, Korea
2
School of Public Policy and Leadership, Greenspun College of Urban Affairs, University of Nevada, Las Vegas, NV 89154, USA
*
Author to whom correspondence should be addressed.
Academic Editor: Tan Yigitcanlar
Received: 11 February 2017 / Revised: 20 April 2017 / Accepted: 20 April 2017 / Published: 25 April 2017
(This article belongs to the Section Sustainable Urban and Rural Development)
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Abstract

The purpose of this paper is to examine the impact of education and R&D investment on regional economic growth in South Korea. We develop a simultaneous model of production, human capital accumulation, migration, population and physical capital investment of two regions: the Seoul Metropolitan Area and the rest of Korea. We decompose the regional growth path into a quality path and a quantity path to identify how regional economies grow and run simulations to evaluate alternative policies in terms of effectiveness and adaptability. The impact of education and R&D investment on regional growth in the rest of Korea is only 22.3% of that in the Seoul Metropolitan Area due to lower elasticity values of young in-migrants with respect to the investment in the rest of Korea. An enhanced efficiency of regional human capital accumulation is effective and adaptable to alleviate regional economic disparity. View Full-Text
Keywords: education and R&D investment; human capital; brain drain; migration; regional economic divergence education and R&D investment; human capital; brain drain; migration; regional economic divergence
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Woo, Y.; Kim, E.; Lim, J. The Impact of Education and R&D Investment on Regional Economic Growth. Sustainability 2017, 9, 676.

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