We propose an innovation-driven growth model in which education is determined by family background and cognitive ability. We show that compulsory schooling can move a society from elite education to mass education, which then triggers market R&D. This means that our model rationalizes two...

The Korean education system has developed very rapidly in both quantitative and qualitative terms since the 1950s and made considerable contribution to inclusive growth in Korea. In what ways has the Korean education system played a positive role in approaching the inclusive growth in Korea?...