Human Capital Externalities of the Educational Achievement by Distinct Occupation Classes in Regional Labor Markets

Lee Hee-Yeon; Yu Jin Park

doi:10.15793/kspr.2014.81..009

In the knowledge-based economy there has been a growing interest in human capital externality. The purpose of this study is to analyze human capital externalities using hierarchical linear model, decomposing determinants of wages into two levels involving workers(level-1) nested within regional labor markets(level-2). Each worker was classified by 4 distinct occupational classes and 3 educational level(required/over/under-education). The main results are as follows; First, wage compensation of over-educated worker is low compared to the required academic schooling, Overeducated workers suffer wage penalty compared with their counterparts who retain equivalent degree but are not overeducated in their jobs. However, in a regional labor market, the external effect of the over-education level shows larger than that of the required education level. Over-education in regional labor markets has the positive social return, though overeducated individual had negative private return, indicating that overeducation wage penalty of individual worker could be overcome by human capital externality in regional labor markets. The main contribution of the study is the differential effects of human capital externalities according to average required/over/under-education level in regional labor markets. Thus, over education is not viewed as simply inefficient education investment, rather than highlighting the positive external effects of knowledge spillover held by overeducated workers.

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