Undergraduate Coursework for Economics Majors in Korea

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Journal of Asia-Pacific Studies (Waseda University)Kyungdong No. 35 (January Hahn 2019)

Kyungdong Hahn†

The author briefly reviews the current status of economic education in Korean universities and provides detailed information about economics curriculum in Korea Council for university Education (2008) and from“ Higher Education in Korea” (2018) by JEL codes. Further, why and how to form the economics coursework in Korean universities are considered.

Keywords: economics major, undergraduate curriculum JEL Codes: A22

Recently, the Ministry of Education in Korea forecasted that 38 universities across the country would be unable to recruit new students in three years. Especially, as the phenomenon of low fertility is getting worse, it is expected that dominoes will be dominated by local private universities. There is also a serious prospect that half of the universities will be closed when children who were born in 2018 graduate from high school. Korean universities are now facing restructuring, and these results will have a negative impact on economics education of Korean universities. However, for decades, economics education has played an outstanding and distinguishable role in Korean universities. Considered as one of the most rigorous and prestigious majors among social sciences, economics departments in Korean universities invariably attracted applicants of superior grades and qualifications. Korea’s rapid economic growth has also contributed to the popularity of economics education and, consequently, the demand for highly trained economists in academics and industries (Hahn, Jang and Kim, 2018). The overarching goal of economics majors is to develop a capacity to“ think like an economist.” For this purpose, the economics curriculum, asking not only how but, perhaps more importantly, what they should teach, has been continuously examined. Siegfried (2012) mentioned that Siegfried et al. (1991) laid the foundation of an economics curriculum that has, for the most part, been accepted in principle throughout the United States.

An ideal program for the major includes foundation requirements (introductory macro and micro, intermediate macro and micro theory, and quantitative methods), a breadth requirement (elective courses), a depth dimension which probes more deeply the structure of knowledge in elective

† Professor, Division of Economics, Hankuk University of Foreign Studies, Korea E-mail: [email protected]

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courses, and a capstone experience, whereby students apply their knowledge and skills in creative and systematic ways through research and writing. (Siegfried et al. 1991).

Based on this consensus on the curriculum, many researches of coursework in economics has been done with surveys of department chairs (Bosshardt, Watts and Becker 2013; Siegfried and Walstad 2014), department websites and online course bulletins from colleges and universities (Petkus, Perry and Johnson 2014), and a nationally representative set of transcript data from college and university graduates (Bosshardt and Watts 2008; Bosshardt and Walstad 2017). Furthermore, Monteiro and Lopes (2007) compared undergraduate economics majors and their underlying structure in the top-ranking economics departments in Europe and the United States, identifying the fundamental courses included in economics majors in top-ranking universities. Studies of economics curriculum in other counties, however, are limited, and in Korea, especially, there is only a brief introduction of economics curriculum by Hahn and Jang (2010). Ten years ago Korea Council for University Education (2008), which is a special corporation under the jurisdiction of the Ministry of Education, evaluated economics education and department administration, and tried to analyze economics curriculum in Korean universities. Against this background, the author briefly reviews the current status of economics education in Korean universities and analyzes economics coursework for the major. Further, why and how to form the economics coursework in Korean universities is considered. This paper is organized as follows. The next section surveys the economics education in universities in Korea. The following section after the next provides detailed information about economics curriculum in Korea Council for University Education (2008) and analytic results of economics curriculum from Higher Education in Korea (2018) by JEL codes. Finally, a conclusion is drawn.

1. Economics Majors and Academic Area The tertiary graduation rate of 25 to 34-year-old in Korea was 70.0％ in 2016, the highest by far among the Organization for Economic Co-operation and Development (OECD) counties (43.1％ on average for the entire OECD, 47.5％ for the United States, and 41.1％ on average for the European Union 21 countries with 60.6％ for Canada and 60.1％ for Japan, following the second and the third, respectively). The high graduation rate in Korea is partly related to the high college entrance rate of high school graduates. In 2017 the college entrance rate of high school graduates stood at 68.9％, falling slightly below 70％ after reaching the peak at 75.4％ in 2010. Since 2010 the rate had continuously declined, but rose temporarily in 2014, and then has dropped again since 2015. The high college entrance rate in Korea, somewhat exceedingly high in comparison with other countries, will decline in the future due to a rapid decrease in the population of school-age children, and this phenomenon is expected to affect not only college education but also economics education in Korean universities.

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Averaging out five-year data from 2013 to 2017, approximately 76.2％ (144 out of 189) of Korean universities have the economics department. Table 1 shows current status of academic departments and students, focused on economics education in Korea. By the academic field, the proportion of business administration and economics departments makes up 11.9％ in the total number of departments. Within this academic field, the proportion of the business administration department is highest at 6.2％, with the international trade and distribution department at 1.8％ and the economics department at 1.3％ following after. Among the student entrance quotas representing a specific category, business administration and economics departments top the list at 14.3％, with the business administration department at 8.0％, the international trade and distribution department at 1.8％, and the economics department at 1.6％. Except the business administration department, the international trade and distribution department and the family and social welfare department, the proportion of the economics department in the student entrance quotas is higher than law and other social sciences departments. In terms of college entrance competition rates (＝number of applicants/number of quotas), business and economics-related departments show 9.0, slightly higher than that of education and natural science fields at 8.4 and 8.6, respectively. The competition rate of the economics department stands at 9.7, higher than that of the business administration department at 9.3. Totally, the proportion of male enrollment (51.8％) is greater than that of female enrollment (48.2％) in Korean universities. This gender gap, with the predominance of male students, is not as large as the engineering field where the male enrollment surges at 76.7％, but it is higher than that of humanities departments where male students occupy less than 40％. The share of male students in economics and business administration departments is 59.1％ and 54.0％, respectively, both of which are substantially higher than the female counterparts.1

2. Coursework for the Major 2.1 Evaluation of Economics Education by Korea Council for University Education (2008) In 2008 Korea Council for University Education (KCUE) conducted the evaluation of economics education through self-evaluation studies of individual universities, written evaluation by evaluators, evaluation of on-site visits, and university reports and comprehensive reports on the results of on-site visits. The target universities were four-year member colleges with the economics department, and 46 universities (15 public universities and 31 private universities) were evaluated.2 All of the economics departments of the 46 universities opened three core courses in economics, namely, Principles of Economics, Microeconomics, and Macroeconomics. The curriculum of the Department of Economics has been standardized considerably around these three courses. In addition to the three core courses Table 2 shows the opening of 10 major courses, and there were 24 universities in which all the 10 major courses were opened. Most universities offered Statistics/Econometrics, International economics, Money and Banking/

̶ 310 ̶ Undergraduate Coursework for Economics Majors in Korea ) ％ ( 61.2 67.8 51.5 46.0 23.3 61.3 67.2 48.2 71.2 50.8 62.1 52.0 46.4 58.1 47.8 52.5 55.1 46.3 39.3 65.3 43.0 60.0 55.3 59.3 39.9 40.9 Female 442 291 689 439 , 2,250 1,164 2,051 3,212 2,490 6,171 1,978 1,404 4,962 2,542 1,146 No. 2 25,012 16,177 22,696 13,877 21,395 27,587 11,248 47,110 19,183 25,437 171,225 ) ％ ( 38.8 32.2 48.5 54.0 76.7 38.7 32.8 51.8 59.1 28.8 49.2 37.9 48.0 53.6 41.9 60.7 52.2 47.5 44.9 53.7 34.7 40.0 57.0 60.1 44.7 40.7 Male 910 711 682 934 438 557 531 , 7,678 5,502 1,896 3,709 2,252 3,283 1,428 5,748 1,747 1,517 No. 3 Newly Enrolled Newly 15,880 21,376 16,291 70,572 17,414 45,634 15,653 27,729 184,057 ) ％ ( 11.5 6.7 12.4 8.5 25.9 12.7 0.9 4.7 100.0 0.5 26.1 1.1 1.9 0.3 9.8 15.0 1.3 2.7 0.2 1.0 0.7 0.4 3.0 1.2 0.7 1.7 Total 729 969 , 3,160 1,875 3,947 6,922 1,124 4,742 9,454 3,407 2,338 1,247 4,289 2,663 No. 5 40,893 23,855 44,072 30,169 91,968 45,001 16,750 92,744 34,836 53,166 10,710 355,282 2017, Average) 10.9 11.1 13.2 12.2 12.3 Students 9.7 8.6 9.3 9.1 8.9 9.3 8.4 9.2 6.6 8.0 7.0 9.1 7.8 7.8 8.7 9.5 9.0 9.0 8.5 9.9 (B/A) 9.7 ～ ) ％ ( 12.6 8.1 11.8 8.1 25.6 12.3 1.1 0.5 4.4 100.0 0.8 1.6 0.2 25.2 1.2 2.3 0.2 10.0 0.6 14.1 1.4 2.8 0.5 0.8 1.5 1.7 254 , 7,513 5,772 Applicants (B) Applicants 32,348 15,693 23,819 48,455 35,444 68,295 18,861 40,961 84,581 13,941 24,442 46,169 No. 51 383,046 244,476 357,956 247,171 776,017 372,364 134,378 764,719 303,022 426,253 Entrance 3,032,956 ) ％ ( 12.0 6.8 12.5 8.0 25.8 12.7 0.9 0.5 4.8 100.0 1.1 1.8 0.3 25.3 1.4 2.7 9.7 0.6 0.2 14.3 0.9 3.0 0.3 0.7 1.1 1.6 Departments and Students (2013 Students and Departments 662

265 Quota (A) Quota , 2,922 1,694 3,597 6,068 1,073 4,526 8,772 2,092 3,096 9,973 1,141 2,460 3,742 5 No. 39,686 22,472 41,409 26,520 85,065 41,954 15,931 83,605 31,939 47,140 330,121 Table 1. Table ) ％ ( 100.0 14.5 5.7 14.7 6.2 22.4 14.1 0.8 0.6 5.7 1.3 1.8 0.1 22.9 1.5 2.9 9.4 0.6 11.9 0.3 0.3 3.0 0.4 0.7 1.2 1.3 62 89 14 67 32 39 45 84 646 701 644 141 199 171 332 336 131 144 Departments No. 1,642 1,657 2,535 1,591 2,587 1,066 1,351 11,303 Business Administration Business Advertising Creation Advertising Economics Tourism Finance, Accounting & Taxation Accounting Finance, & Distribution Trade International & Commerce General Economics Family & Social Welfare Family International Studies International Subtotal Subtotal Urban & Community Urban General Social Sciences Sociology Diplomacy Political Administration Public Journalism, Broadcasting & Media Broadcasting Journalism, Business Administration & Economics Administration Business Total Law Social Sciences Total Arts & Physical Education Arts & Physical Medical Sciences & Pharmacy Medical Natural Sciences Natural Social Sciences Engineering Humanities Education Source: Korean Educational Development Institute (each year), statistical yearbook of education) of yearbook statistical (each year), Institute Development Educational Korean Source:

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Table 2. Economics Courses (2008)

Courses No. of Universities (％) Mathematics 42 (91.3) Statistics/Econometrics 46 (100.0) History/History of Thought 41 (89.1) International Economics 45 (97.8) Money and Banking/Financial Economics 45 (97.8) Public Finance/Public Economics 44 (95.7) Industrial Organization 44 (95.7) Game Theory/Information Economics 38 (82.6) Development Economics, Growth Theory/ Economic System 42 (91.3) Labor Economics/Law and Economics 40 (87.0)

Source: Korea Council for University Education (2008)

Financial Economics, Public Finance/Public Economics, and Industrial Organization along with the three core courses. The opening rate of advanced theory courses such as Game theory/Information Economics was low, and that of Labor Economics/Law and Economics and of History/History of Thought was relatively low. This seemed to show a tendency that the economics curriculum was being standardized into the three core courses, which had analytical and instrumental natures, and five to seven major courses. 2.2 Economics Curriculum from Higher Education in Korea (2018) Since the KCUE’s evaluation was conducted in 2008, there has not been an official report of economics departments in Korean universities. As of 2018, information on university education as well as economics education in Korean universities can be found on KCUE’s website“ Higher Educa- tion in KOREA” (http://heik.academyinfo.go.kr/main.tw), which allows users to search and see the information of all universities according to the provisions of“ Act on Information Disclosure of Educa- tional Institutions,”3 section 6 (Figure 1). From the“ Higher Education in KOREA,” the list of the economics department in 2018 was collected, and information on 98 economics departments (Table 3) in the metropolitan area (Seoul, Gyeonggi, Incheon) was extracted. Among 98 economics departments, 48 (49.0％) were closed, and 50 remained (changed, open, or existing) until 2018. Such phenomena can be seen as a result of a series of university restructuring policies after 2010. The closed departments were included in Gachon Univer- sity, Kangnam University, Sejong University, Hansung University, Chungang University (Anseong), and so on. Among the remaining 50 samples, remote university courses, international studies courses, and applied economics such as agricultural economics, food industrial management, and intellectual properties, which were classified as economics in“ Higher Education in KOREA,” were not included in the following curriculum analysis. Table 4 shows selected 33 samples (3 public universities and 30 private universities).4 Table 5 shows that the 33 economics departments provide 1,311 courses for the economics majors.

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Figure 1. KCUE’s website“ Higher Education in KOREA”

Table 3. Status of Economics Departments in metropolitan Area (2018) (Unit: Number of Departments) Seoul Gyeonggi Incheon Total Closed 6 12 6 48 Changed 3 2 0 5 Open 0 1 0 1 Existing 31 10 3 44 Total 64 25 9 98

Source: Higher Education in KOREA (http://www.academyinfo.go.kr as of April 30, 2018)

Table 4. Number of Analytic Samples (Unit: Number of Departments) Seoul Gyeonggi Incheon Total Total Samples 34 13 3 50 Non-Analytic Sample 10 6 1 17* Analytic Sample 24 7 2 33

*Excluded samples are as follows: Korea National Open University, Hanyang Cyber University, Kwangwoon University (Major of Global Korea), Seoul National University (Department of Agricultural Economics and Rural Development), Yonsei University (International course (Underwood International School)), Sungkyunkwan University (International course (Global Economics)), Hanshin University (Department of International Economics), Soongsil University (Department of Financial Economics), Korea University (Department of Food and resource Economics), Dongkuk University (Department of Food Industrial Management), and Kyonggi University (Major of Intellectual Properties).

Based on JEL codes, economics courses are classified. Mathematical and Quantitative Methods (JEL code: C) is most popularly opened with 167 courses (12.7％), and the second with 131 (10.0％) Micro- economics (JEL code: D) courses. 128 (9.8％) Financial Economics (JEL code: G) courses, 114 (8.7％)

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Table 5. Economics Coursework with School Types and Education Types

School Type Education Type Total Private (30) Public (3) Coeducation (28) Women’s (5) No. (％) No. (％) No. (％) No. (％) No. (％) JEL Codes* A 4 0.3 2 1.5 6 0.5 0 0.0 6 0.5 B 39 3.3 8 5.8 44 3.9 3 1.6 47 3.6 C 152 12.9 15 10.9 139 12.4 28 14.7 167 12.7 D 120 10.2 11 8.0 108 9.6 23 12.0 131 10.0 E 60 5.1 4 2.9 55 4.9 9 4.7 64 4.9 F 104 8.9 10 7.3 98 8.8 16 8.4 114 8.7 G 116 9.9 12 8.8 109 9.7 19 9.9 128 9.8 H 70 6.0 8 5.8 70 6.3 8 4.2 78 5.9 I 3 0.3 1 0.7 4 0.4 0 0.0 4 0.3 J 44 3.7 6 4.4 42 3.8 8 4.2 50 3.8 K 19 1.6 1 0.7 14 1.3 6 3.1 20 1.5 L 40 3.4 7 5.1 40 3.6 7 3.7 47 3.6 M 36 3.1 5 3.6 30 2.7 11 5.8 41 3.1 N 45 3.8 6 4.4 45 4.0 6 3.1 51 3.9 O 35 3.0 6 4.4 36 3.2 5 2.6 41 3.1 P 88 7.5 14 10.2 93 8.3 9 4.7 102 7.8 Q 31 2.6 5 3.6 31 2.8 5 2.6 36 2.7 R 27 2.3 3 2.2 29 2.6 1 0.5 30 2.3 Z 4 0.3 0 0.0 2 0.2 2 1.0 4 0.3 Subtotal 1,037 88.3 124 90.5 995 88.8 166 86.9 1,161 88.6 Non-JEL Codes Principles of Economics 49 4.2 8 5.8 50 4.5 7 3.7 57 4.3 Current Issues 25 2.1 1 0.7 22 2.0 4 2.1 26 2.0 Economic Policy 16 1.4 1 0.7 15 1.3 2 1.0 17 1.3 Misc. Economics 47 4.0 3 2.2 38 3.4 12 6.3 50 3.8 Subtotal 137 11.7 13 9.5 125 11.2 25 13.1 150 11.4 Total 1,174 100.0 137 100.0 1,120 100.0 191 100.0 1,311 100.0

*JEL Codes are as follows: A: General Economics and Teaching B: History of Economic Thought, Methodology, and Heterodox Approaches C: Mathematical and Quantitative Methods D: Microeconomics E: Macroeconomics and Monetary Economics F: International Economics G: Financial Economics H: Public Economics I: Health, Education, and Welfare J: Labor and Demographic Economics K: Law and Economics L: Industrial Organization M: Business Administration and Business Economics, Marketing, Accounting, Personnel Economics N: Economic History O: Economic Development, Innovation, Technological Change, and Growth P: Economic Systems Q: Agricultural and Natural Resource Economics, Environmental and Ecological Economics R: Urban, Rural, Regional, Real Estate, and Transportation Economics Y: Miscellaneous Categories Z: Other Special Topics

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International Economics courses, and 102 (7.8％) Economic Systems (JEL code: P) courses follow. Mathematical and Quantitative Methods and the three core courses, namely, Principles of Economics (4.3％), Microeconomics, and Macroeconomics account for 31.9％ of the total subjects. The relatively high proportion of Financial Economics and International Economics seems to reflect the recent trends in globalization and development of information and communication technology. Economic Systems courses, particularly, includes not only comparative economic systems but also economies of the US, Japan, China, Europe, Southeast Asia, Middle East, and Africa. On the other hand, Health, Education, and Welfare (JEL code: I) courses, General Economics and Teaching (JEL code: A) courses, Law and Economics (JEL code: K) courses, Agricultural and Natural Resource Economics, Environmental and Ecological Economics (JEL code: Q) courses, and Urban, Rural, Regional, Real Estate, and Transportation Economics (JEL code: R) courses are opened with less than 3％, respectively. Similar curriculum patterns are observed when the economics coursework is classified by the school type as public universities (3) and private universities (30), and by the education type as coeducational universities (28) and women’s universities (5).5 However, depending on the school type and the education type, there exist differences in the average number of open courses. The average number of courses offered by all the 33 universities is 39.7 (＝1,311/33), with 45.7 (＝137/3) for public universities, 39.1 (＝1,174/30) for private universities, 40.0 (＝1,120/28) for coeducational universities, and 38.2 (＝191/5) for women’s universities. Public universities offer more courses than private universities, and coeducational universities do more than women’s universities.

Conclusion: Was Economics curriculum in Korea being Standardized or Americanized? Due to a rapid decrease in the population of school-age children, Korea is facing a new challenge to deal with a shortage of college students (e.g. first-year college students) in universities, and thus the need for a structural reform in universities is arising rapidly. In response to this, Korea is adminis- tering a university-level structural reform evaluation until 2022 to reduce a total of 160,000 student quota on a rank and stage basis. Universities placed at the lower rank on the evaluation receive limited financial support and are requested to reorganize the bachelor's program. Consulting is provided as a means to help universities independently restructure the institution. Based on the consulting result, universities at the marginal level may be required to change the university function to a non-profit foundation or a vocational education institution. These challenges require new responses in economics education. Decreasing the number of students and the number of departments in Korea will be inevitable. Changes in economics curriculum are also expected. From this point of view, economics education in Korean universities, especially economics curriculum, can be summarized. In fact, with international exchanges of research and university education, the standardization or the Americanization of economics seems to be a global trend, and it is not a phenomenon only in Korea.

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Figure 2. Number of foreign doctoral degree holders from 1945 to 2013

Since the 1970s, holders of US doctoral degrees have made great strides in classes of Korean universities. Economics in Korea has also been rapidly becoming Americanized in terms of the composition of research personnel, research contents, and economics curriculum. From 1945 to 2013, the number of Ph.D. from abroad in economics were 1,467 of which 999 were from the United States (Figure 2). (In the same period, 1,292 out of 1,677 obtained a Ph.D. of Education in the United States.) Until the 1960s, the main fields of economic research in Korea were Economic History, Economics, History of Economic Thought, Agricultural and Natural Resource Economics, and General Economics. However, since 1970, the proportion of Microeconomics, Macroeconomics, Mathematical Economics, Econometrics, and Industrial Organization has increased, and Principles of Economics, Microeconomics, and Macroeconomics have been designated as compulsory courses in economics curriculum. As of 2018, the three core courses, namely, Principles of Economics, Microeconomics, and Macroeconomics account for 27.0％ of the total subjects. Despite the standardization or Americaniza- tion of economics curriculum, discussions on the diversification of economics education still continue.

Notes 1 See Hahn and Jang (2018) for more information on economics education, especially with education field, in 2011‒2015 Korean universities, and Hahn (2013) for the trends of economic education in high schools and universities in Korea from 2005 to 2012. 2 See Appendix 1. 3 “Act on Information Disclosure of Educational Institutions” has obliged the educational institutions to have a thorough public disclosure of information and regulated relevant details in order to ensure the right to be informed, promote the academic and policy research, encourage participation in school education and to improve the efficiency and transparency in educational administration by disclosing the information managed by the Korean educational institutions. 4 See Appendix 2. 5 See Appendix 3.

References Bosshardt, W., and W. B. Walstad. 2017.“ Economics and business coursework by undergraduate students: Findings from Baccalau-

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reate and Beyond transcripts.” The Journal of Economic Education, 48(1): 51‒60. Bosshardt, W., and M. Watts. 2008.“ Undergraduate students’ coursework in economics.” The Journal of Economic Education, 39(2): 198‒205. Bosshardt, W., M. Watts, and W. Becker. 2013.“ Course requirements for bachelor’s degrees in economics.” American Economic Review, 103(3): 643‒647. Hahn, J., and K. Jang. 2010.“ Economic education in Korea: current status and changes.” The Journal of Economic Education, 41(4): 436‒447. Hahn, J., K. Jang, and J. Kim. 2018.“ Assessment of Economic Education in Korea’s Higher Education.” In Assessment of Learning Outcomes in Higher Education (pp. 145‒168). Springer, Cham. Hahn, K. 2013.“ Trends in economic education, 2005‒2012: High schools and colleges.” Korean Journal of Economic Education, 20(2): 157‒174. Higher Education in Korea (http://www.academyinfo.go.kr, Accessed on 30 April, 2018) Korea Council for University Education. 2008. Comparative analysis of foreign leading universities and Korean universities in Economics. Monteiro, H., and A. F. Lopes. 2007.“ A benchmarking of the undergraduate economics major in Europe and in the United States.” International Review of Economics Education, 6(2): 9‒26. OECD. 2018. Population with tertiary education (indicator). doi: 10.1787/0b8f90e9-en (Accessed on 01 September, 2018). Petkus, M., J. J. Perry, and B. K. Johnson. 2014.“ Core requirements for the economics major.” The Journal of Economic Education, 45(1): 56‒62. Siegfried, J. J., R. L. Bartlett, W. L. Hansen, A. C. Kelley, D. N. McCloskey, and T. H. Tietenberg. 1991.“ The economics major: Can and should we do better than a B-?.” The American Economic Review, 81(2): 20‒25. Siegfried, J. J. 2012.“ The economics major in the United States.” In International handbook on teaching and learning economics, ed. G. M. Hoyt and K. McGoldrick, 723‒732. Cheltenham, UK and Northampton, MA: Edward Elgar. Siegfried, J. J., and W. B. Walstad. 2014.“ Undergraduate coursework in economics: A survey perspective.” Journal of Economic Education, 45(2): 147‒54.

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Appendix 1. KCUE (2008)

Public (15) Private (31)

Metropolitan Area Incheon University Ajou University (Seoul, Gyeonggi, Incheon) University of Seoul Chungang University (Seoul) (25) Chungang University (Anseong) Dankook University (Jukjeon) Ewha Womans University Hankuk University of Foreign Studies (Seoul) Hankuk University of Foreign Studies (Yongin) Hanyang University (Seoul) Hanyang University (Ansan) Inha University Konkuk University Kookmin University Korea University (Seoul) Kyonggi University Kyunghee University Kyungwon University Myongji University Sangmyung University Sejong University Seokyeong University Seoul Women’s University Soongsil University Sungshin University

Local Area (21) Andong National University Dankook University (Cheonan) Changwon National University Dong-eui University Chonbuk National University Dongguk University (Gyeongju) Chonnam National University Hannam University Chungnam National University Korea University (Sejong) Gyeongnam National University of Science and Technology Kyungnam University Gyeongsang National University Mokwon University Hanbat National University Silla University Kangwon National University Kunsan National University Kyungpook National University Mokpo National University Pusan National University

Source: Korea Council for University Education (2008)

Appendix 2. “Higher Education in KOREA” (2018)

Public (3) Private (30)

Metropolitan Area Incheon University Ajou University (Seoul, Gyeonggi, Incheon) Seoul National University Chungang University (Seoul) (33) University of Seoul Dankook University (Jukjeon) Ewha Womans University Hankuk University of Foreign Studies Hanyang University (Seoul) Hanyang University (Ansan) Inha University Konkuk University Kookmin University Korea University (Seoul) Kyonggi University Kyunghee University Myongji University Sangmyung University Sejong University Seoul Women’s University Soongsil University Sungshin University

Source: Higher Education in Korea (2018)

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Appendix 3. Economics Coursework with School Regions

School Region Total Seoul Gyeonggi Incheon No. (％) No. (％) No. (％) No. (％) JEL Codes* A 4 0.43 2 0.69 0 0.00 6 0.46 B 28 2.98 14 4.84 5 6.17 47 3.59 C 122 12.96 37 12.80 8 9.88 167 12.74 D 98 10.41 24 8.30 9 11.11 131 9.99 E 49 5.21 14 4.84 1 1.23 64 4.88 F 76 8.08 29 10.03 9 11.11 114 8.70 G 101 10.73 21 7.27 6 7.41 128 9.76 H 52 5.53 19 6.57 7 8.64 78 5.95 I 4 0.43 0 0.00 0 0.00 4 0.31 J 37 3.93 11 3.81 2 2.47 50 3.81 K 16 1.70 3 1.04 1 1.23 20 1.53 L 33 3.51 12 4.15 2 2.47 47 3.59 M 27 2.87 11 3.81 3 3.70 41 3.13 N 35 3.72 13 4.50 3 3.70 51 3.89 O 33 3.51 7 2.42 1 1.23 41 3.13 P 67 7.12 24 8.30 11 13.58 102 7.78 Q 24 2.55 8 2.77 4 4.94 36 2.75 R 19 2.02 9 3.11 2 2.47 30 2.29 Z 4 0.43 0 0.00 0 0.00 4 0.31 Subtotal 829 88.10 258 89.27 74 91.36 1,161 88.56 Non-JEL Codes Principles of Economics 42 4.46 13 4.50 2 2.47 57 4.35 Current Issues 21 2.23 3 1.04 2 2.47 26 1.98 Economic Policy 10 1.06 6 2.08 1 1.23 17 1.30 Misc. Economics 39 4.14 9 3.11 2 2.47 50 3.81 Subtotal 112 11.90 31 10.73 7 8.64 150 11.44 Total 941 100.00 289 100.00 81 100.00 1,311 100.00

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