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Productivity, factor accumulation and economic policy : The case of Korea and Singapore

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  • Productivity, factor accumulation and economic policy
  • Fuentes, J. Rodrigo
  • University of Chile


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Title Productivity, factor accumulation and economic policy
Similar Titles
Sub Title

The case of Korea and Singapore

Material Type Reports
Author(English)

Fuentes, J. Rodrigo

Publisher

[Santiago]:University of Chile

Date 1993-06
Journal Title; Vol./Issue Estudios de Economia:Vol. 20
Subject Country Singapore(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Social Development < Education
Holding University of Chile

Abstract

This paper addresses growth measurement within the traditional growth accounting framework, by relating growth in labor productivity and growth in total factor productivity (TFP) to economic policies. Additionally, the relationship between TFP and measurements of human capital and scale economies was analyzed. The study was conducted by studying two developing countries, Korea and Singapore, characterized by and outward orientation of their economies. In Korea, which followed diversified and flexible strategies export promotion productivity growth seemingly was due to scale economies and human capital accumulation, whereas in Singapore, and entrepot-based re-export economy, productivity growth was almost zero. The high growth in Singapore is seemingly originated by factor accumulation rather than by an increase in productivity. The low productivity growth was presumably due to comparative advantages in assembly-type activities, resulting from the immigration of low skilled labor from neighboring countries. (The rest omitted)