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Wage Inequality and the Contribution of Capital, Differential Labor Quality and Efficiency to Economic Growth in Korea, 1965-2007

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Authors
Kwack, Sung Yeung
Issue Date
2012-01
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.25 No.1, pp. 1-23
Keywords
Wage inequalityLabor efficiencySkill-biased technological changeTFPKorea
Abstract
We show that skilled and unskilled labors are imperfect substitutes

and that capital and skilled labor are complementary in production.

The Korean economy has experienced skill-biased technical

changes. The capital stock growth is found to be the main source of

the economic growth. The contribution of the efficiency and labor

input growth of skilled workers is the second most important source.

The rate of contribution of TFP growth to GDP growth has increased

from 27% in 1991-1996 to 36% in 2001-2007. This paper shows

that Koreas policy of educating its workforce has boosted productivity

and growth and it prevented a widening in wage inequality.
ISSN
1225-0279
Language
English
URI
https://hdl.handle.net/10371/75316
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.25 no.1~4 (2012)
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