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Understanding Korean STI development in the context of economic theory

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| Abstract |
 Korea has increased investments on R&D consistently and considerably
during the last few decades.
 The amount of national R&D investment was 59.3 Trillion KRW in 2013,
and it was 4.15% of total GDP.
* Since 1985, the private sector invested more financial resources on R&D then the government.(76% of total R&D in 2013)
 As a result, Korea has done quite well in terms of performance in science
and technology - The number of researchers increased to 437,447 in 2014, and about 70% of them worked at the private sector. - Korea has been ranked at top 10 in both categories (technology and science) of competitiveness published by IMD in 2014.
* 12th in # of academic papers, 4th in # of patents (WIPO)
 Since the mid-1960s, the Korean government has introduced a series of
institutional framework in order to promote science and technology
 Korea has established the Korea Institute of Science & Technology(KIST)
in 1966 to support industrial technology development. - KIST is the virtually first GRI(Government Research Institute) that has made critical contribution to S&T development in Korea.
 Korea has introduced the Ministry of Science and Technology(MOST) in
1967 to coordinate national R&D and implement policies.
 Korea has enacted the number of acts to support R&D activities legally.  Korea has introduced the Korea Advanced Institute of Science(KAIS) in
1971 to provide qualified young researchers to KIST and other institutes. - Korea has also provided vari


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Title Understanding Korean STI development in the context of economic theory
Similar Titles
Material Type Reports
Author(English)

Song,Chiung

Publisher

Seoul,South Korea : Science and Technology Policy Institute

Date 2016-12
Series Title; No STEPI Insight / vol.203

This paper suggests Understanding Korea STI Development in the Context of Economic Theory. Korea has increased investments on R&D consistently and considerably during the last few decades. The amount of national R&D investment was 59.3 Trillion KRW in 2013, and it was 4.15% of total GDP. As a result, Korea has done quite well in terms of performance in science and technology, also ranked at top 10 in technology and science of competitiveness published by IMD in 2014. Since the mid-1960s, the Korean government has introduced a series of institutional framework in order to promote science and technology. This paper discusses about the Korean experiences and try to understand them in the context of contemporary economic theories. The economic theories are ▲ Paul M. Romer's(American economist, entrepreneur and activist) analysis that the role of technological change and research sector within a framework of economic model and ▲ Michael R. Kremer's(American development economist) the O-ring Theory of Economic Development in order to answer to various stylized factors in real world.

Pages 39
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Economy < Economic System
Industry and Technology < Science/Technology
Holding Science and Technology Policy Institute
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