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Korea's production database, 1960-2007 : Highlighting the role of human capital and trade liveralization in the changes of total factor productivity and wage inequality

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  • Korea's production database, 1960-2007
  • Kwack,Sung Yeung; Lee,Young Sun
  • Korea Institute for Industrial Economics & Trade


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Title Korea's production database, 1960-2007
Similar Titles
Sub Title

Highlighting the role of human capital and trade liveralization in the changes of total factor productivity and wage inequality

Material Type Report
Author(English)

Kwack,Sung Yeung; Lee,Young Sun

Publisher

[Sejong, South Korea] : Korea Institute for Industrial Economics & Trade

Date 2010-03
Series Title; No KIET Occasional paper / no.79
Pages 380
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Trade
Industry and Technology < General
Holding KIET
License

Abstract

The Korean economy has been transformed from being agriculture-centered in the 1950s to industrial-based and become highly open to trade. Its performance has been remarkable. In recent years, Korea has developed a skill and IT-centered production structure. Knowledge replaces capital and thinking displaces manual work. Knowledge and ideas are the important determinants of production cost and economic growth. (See Romer(1990)). Korea has been operating in many sectors of industry with a heterogeneous work force and capital/ It has developed growing linkages across borders. The way in which the economy operates will determine its future economic development. This study examines the growth process of the Korean economy in an effort to understand the process of transformation of the Korean economy from 1960 to the present. Study at the aggregate level does not tell us much because it ignores heterogeneous types of capital and labor factors of production. "The conception of economic growth as a process of accumulating capital, in all the manifold forms that the broad Fisherian concept of capital allows is a potent simplification of the analytical problem of growth. The studies on the Korean economy need to use fairly.