A new report shows that at the height of the boom, Ireland was spending significantly less of a proportion of its income on education compared to other OECD countries.
The OECD's annual Education at a Glance report places Ireland fourth last out of 33 countries measured for the amount of its overall wealth invested in education.
In 2007, Ireland was spending 4.7% of its income on education, while the OECD average for that year was 5.7%.
Today's report found that rich countries are spending more and more on education but largely failing to improve students' performance.
'It is worrying that the significant increase in spending per student over the past decade has, in many countries, not been matched with improvements in the quality of learning outcomes,' OECD Secretary General Angel Gurria wrote.
Education needs 'to re-invent itself in ways that other professions have already done to provide better value for money,' he wrote, without singling out any countries by name.
Of the 33 members of the Organisation for Economic Cooperation and Development, the US was one of the biggest overall spenders on education, devoting 7.6% of its GDP, based on 2007 data.
Japan, Germany and Ireland were at the lower end of this measure, spending 4.9% and 4.7% respectively on education.
Despite different proportions of spending, figures in the report showed that the US and Germany, for example, had comparable levels of people achieving secondary and higher education.
'At a time of tight budgets, there is a strong need for effectiveness and efficiency in the education systems' response to the skill needs of a fast-changing labour market,' Gurria wrote.
'Countries must find new ways to generate greater value for money from educational investments,' he added.
