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Falling labor income inequality in Korea's economic growth : Patterns and underlying causes

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  • Falling labor income inequality in Korea's economic growth
  • Fields, Gary S.; Yoo, Gyeongjoon
  • Wiley-Blackwell


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Title Falling labor income inequality in Korea's economic growth
Similar Titles
Sub Title

Patterns and underlying causes

Material Type Articles
Author(English)

Fields, Gary S.; Yoo, Gyeongjoon

Publisher

[New Jersey]:Wiley-Blackwell

Date 2000
Journal Title; Vol./Issue The Review of Income and Wealth:vol. 46(no. 2)
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Social Development < Employment
Holding The Review of Income and Wealth

Abstract

Over the last twenty-five years, the economy of the Republic of Korea achieved a remarkable growth rate of 7 percent per year in real per capita income, causing it to be labeled, justifiably, as a "miracle economy." This exceptional economic growth has been accompanied by an even more exceptional fall m labor income inequality. Using a newly-developed methodology, we use data from Korea's Occupational Wage Surveys to quantify the importance of various factors that have contributed to the fall in labor income inequality in Korea. We find the most important factors explaining the level of income inequality are job tenure, gender, years of education, and occupation, while those that are most important in explaining the change in income inequality are years of education, industry, occupation, and potential experience.