Too many high achievers?

Oct. 11, 2013

There's a big push to promote college education among young people in the U.S. But is there such a thing as too many college graduates?

The evidence from South Korea is that there can be. The Samsung Economic Research Institute in Seoul figures about 42% of recent college graduates are "overeducated," apparently meaning they don't use their college degree. "Had about 42% of the graduates bypassed college and started working immediately after high school, GDP growth would have been as much as 1.01 percentage points higher," the Institute says.

It is common practice for Koreans to engage tutors for their kids and even to go into debt so their offspring can attend better schools. A recent article in Bloomberg Businessweek  revealed that private consumption in Korea fell recently and said that spending on schools and tutoring was one of the reasons. The Businessweek article also seems to indicate that there is a keeping-up-with-the-Joneses effect in Korea with regard to schooling. So Korean parents are unlikely to take their feet off the gas pedal when it comes to more schooling for their kids, the end result being, apparently, even more college-educated Koreans with dim prospects.

About the Author

Lee Teschler | Editor

Leland was Editor-in-Chief of Machine Design. He has 34 years of Service and holds a B.S. Engineering from the University of Michigan, a B.S. Electrical Engineering from the University of Michigan;, and a MBA from Cleveland State University. Prior to joining Penton, Lee worked as a Communications design engineer for the U.S. Government.

Sponsored Recommendations

June 27, 2025
Ensure workplace safety and compliance with our comprehensive Lockout/Tagout (LOTO) Safety Training course. Learn critical procedures to prevent serious injuries.
June 27, 2025
Join our expert webinar to discover essential safety control measures and best practices for engineering a truly safe and compliant industrial environment.
June 25, 2025
An innovative aircraft with electric drives combines the best of both worlds. The cross between drone and helicopter could mean significantly faster and more efficient air emergency...
June 25, 2025
Effective when other materials fail, ceramics are particularly suitable for applications requiring wear and chemical resistance, sliding characteristics or biocompatibility. Discover...

Voice your opinion!

To join the conversation, and become an exclusive member of Machine Design, create an account today!