Does the US Need an Educational Reform for Economic Growth?

Young Bae Kim  and Chosee Jung

doi:10.17485/ijst/2015/v8iS1/57446

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Does the US Need an Educational Reform for Economic Growth?

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Indian Journal of Science and Technology

DOI: 10.17485/ijst/2015/v8iS1/57446

Year: 2015, Volume: 8, Issue: Supplementary 1, Pages: 1-6

Original Article

Does the US Need an Educational Reform for Economic Growth?

Young-Bae Kim^* and Chosee Jung

Department of Economics, Cheongju University, 298 Daesung-ro, Cheongju, Chungbuk, 360-764, South Korea; [email protected]

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

The paper empirically investigates the effect of education on economic growth of local regions with standard growth regression models using a set of cross-sectional data for sub-state counties of 50 US states. The findings suggest the existence of income convergence among US counties, a strong growth-enhancing effect of human capital accumulation measured by schooling years, a negative effect of the unemployment rate and a positive effect of the net migration rate on the growth rate. In contrast, government expenditure on education appears to have a negative association with growth, suggesting the ineffectiveness of US education policies. Furthermore, the result indicates possible failures of secondary education in the US regions.
Keywords: Convergence, Education, Human Capital, Migration, Regional Growth, Unemployment