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The Baumol Diseases and the Korean Economy

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  • Wankeun Oh
  • Kyungsoo Kim

Abstract

This article examines the Baumol effect and the consequences of unbalanced growth across Korean industries. The results demonstrate that the Baumol effect exists, but it is qualitatively different from existing literature. Although Baumol’s cost disease is significant, it is weak. Certain attributes of the Korean economy such as heavy reliance on exports and compressed growth seem to be responsible. Weak cost disease leads to a weak growth disease: the aggregate productivity growth does not monotonically decline over time. Productivity growth has led to the deindustrialization of employment. The value holds effective after controlling the growth of international trade.

Suggested Citation

  • Wankeun Oh & Kyungsoo Kim, 2015. "The Baumol Diseases and the Korean Economy," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(S1), pages 214-223, January.
    • Handle: RePEc:mes:emfitr:v:51:y:2015:i:s1:p:s214-s223
    DOI: 10.1080/1540496X.2014.998889
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    Cited by:

    1. Lukas Hardt & John Barrett & Peter G. Taylor & Timothy J. Foxon, 2020. "Structural Change for a Post-Growth Economy: Investigating the Relationship between Embodied Energy Intensity and Labour Productivity," Sustainability, MDPI, vol. 12(3), pages 1-25, January.
    2. Song, ChiUng & Oh, Wankeun, 2015. "Determinants of innovation in energy intensive industry and implications for energy policy," Energy Policy, Elsevier, vol. 81(C), pages 122-130.
    3. Wankeun Oh & Seung Won Kang, 2022. "Attribution of Changes in Vietnam’s Labor Productivity," Sustainability, MDPI, vol. 14(11), pages 1-19, May.

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