This study claims that the rank of a university in the public perception of South Korea is determined to a great extent by the economic development of the region in which it is located rather than by its educational performance. The findings of the study include the points that follow. (1) The universities in the nation's capital region are generally ranked higher than those elsewhere. Of the latter, those in the Kyungsang region are, again generally, higher than those in the Chungchong region, which in turn are higher than those in the Cholla region. (2) The reason for this is largely the state policies of concentrating resources on to strategically important industries and regions -- the nation's capital and the Kyungsang region in particular. As scarce resources were absorbed by those regions, so too were the migrating population seeking economic opportunity. The state then introduced policies to curb the concentration of population especially in the capital city area, including one to limit universities' student quotas. In effect, admission to those universities became harder and their prestige enhanced. Now that the capital city has expanded to the surrounding Kyonggi Province and well into the Chungchong region, the latter gets increasingly prosperous. No wonder, the ranks of Chungchong universities improve. To a minor degree, similar phenomena are observable also in the Kyungsang region. (3) In the study conclusion, policies to address the problems related to fixed rankings of universities should not be literally "educational." They should be comprehensive enough to include policies to secure equality -- or equity -- in economic development and welfare for disadvantaged regions.