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Productivity growth and competitiveness strategies in Korean energy industry

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Frame of Image ntries. The breaking up of integrated energy systems, the introduction of competition and the privatization of previously state-owned enterprises, especially in the sector of natural gas and electricity, have led to the extermination of previously integrated services and the demand for new services to take advantage of the opportunities of a freer market for energy. WTO energy service negotiation is expected to have a huge influence on Korean energy service market. During last four decades, energy products have been the significant factors in Korean economic growth. In the early days of Korean economic development, more investment of production input such as labor, capital, and energy into the economy has been guaranteeing higher growth rate. However, the economic growth dependent solely on more input investment is creeping to the limit because the input – labor, capital, and energy – has intrinsically diminishing returns to scale. Then total factor productivity based on the technology development can display more important role in sustainable and continuous economic development. Even though labor and capital productivity are important in attaining higher output growth, total factor productivity growth becomes more important in continuous economic growth because the technology development has more dominant role in the new economic growth pattern. The main focus in this study is how to make Korean energy
service sector more competitive even after WTO energy service negotiation


Full Text
Title Productivity growth and competitiveness strategies in Korean energy industry
Similar Titles
Material Type Reports
Author(English)

Pak, Yongduk

Publisher

[Uiwang]:Korea Energy Economics Institute

Date 2003
Pages 95
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Energy
Holding Korea Energy Economics Institute

Abstract

Energy services are required at each step of the energy process from the location of the potential energy source to its distribution to the final consumer. A new set of energy services has emerged from the process of structural reform that is being carried out in the energy sector by both developed and developing countries. The breaking up of integrated energy systems, the introduction of competition and the privatization of previously state-owned enterprises, especially in the sector of natural gas and electricity, have led to the extermination of previously integrated services and the demand for new services to take advantage of the opportunities of a freer market for energy. (The rest omitted)