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The economic growth effect of R&D activity in Korea

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  • The economic growth effect of R&D activity in Korea
  • Kim, Jin Woong
  • The Association of Korean Economic Studies


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Title The economic growth effect of R&D activity in Korea
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Material Type Articles
Author(English)

Kim, Jin Woong

Publisher

[Seoul] : The Association of Korean Economic Studies

Date 2011-04
Journal Title; Vol./Issue Korea and the World Economy:vol. 12(no. 1)
Pages 20
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
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Abstract

One of the most efficient methods to raise competitiveness in an economy for stable and continuous economic growth comes from research and development (R&D) activities. This paper investigates the contribution effect of R&D stock for economic growth using the R&D based Cobb-Douglas production function during the years 1976- 2009. In addition to the past literatures, this paper estimates the contribution of two sourced R&D stocks for economic growth. Based on the empirical results, the traditional production factors — labor and capital — contribute about 65% to economic growth. Also, the contribution ratio of overall R&D stock to economic growth is about 35%. In detail, public and private R&D stocks account for economic growth of about 16% and 19%, respectively.