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Economic growth and productivity: A case study of South Korea

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  • Ky-Hyang Yuhn
  • Jene Kwon

Abstract

The economic performance that South Korea has achieved over the past quarter century is often likened to a 'miracle'. Recently, much interest has been expressed in the driving forces behind the Korean economic transformation. Using the valueadded measure of output, Christiansen and Cummings have shown that technology measured by TFP accounts for about 43% of Korean economic growth between 1960 and 1973. This figure is considerably high compared with recent major studies on Japanese and Singaporean economic growth. We found that the value-added framework is not appropriate for the description of the structure of the Korean economy and re-examined the sources of Korean economic growth, using the gross-output framework. Surprisingly, it has been discovered that only 7% of real output growth in the manufacturing sector during the 1962-1981 period is attributable to technological progress. These findings parallel those for the Japanese and Singapore economies.

Suggested Citation

  • Ky-Hyang Yuhn & Jene Kwon, 2000. "Economic growth and productivity: A case study of South Korea," Applied Economics, Taylor & Francis Journals, vol. 32(1), pages 13-23.
    • Handle: RePEc:taf:applec:v:32:y:2000:i:1:p:13-23
    DOI: 10.1080/000368400322949
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    Citations

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    Cited by:

    1. Simon Feeny & Heather Mitchell & Christine Tran & Matthew Clarke, 2013. "The Determinants of Economic Growth Versus Genuine Progress in South Korea," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 113(3), pages 1055-1074, September.
    2. Ky‐hyang Yuhn & Seung R. Park, 2010. "Information Technology, Organizational Transformation and Productivity Growth: An Examination of the Brynjolfsson–Hitt Proposition," Asian Economic Journal, East Asian Economic Association, vol. 24(1), pages 87-108, March.
    3. Marvin Lieberman & Jina Kang, 2008. "How to measure company productivity using value-added: A focus on Pohang Steel (POSCO)," Asia Pacific Journal of Management, Springer, vol. 25(2), pages 209-224, June.
    4. Seon-Jae Kim, 2003. "Information Technology and Its Impact on Economic Growth and Productivity In Korea," International Economic Journal, Taylor & Francis Journals, vol. 17(3), pages 55-75.
    5. Al-Mutairi, Naief & Burney, Nadeem A., 2002. "Factor substitution, and economies of scale and utilisation in Kuwait's crude oil industry," Energy Economics, Elsevier, vol. 24(4), pages 337-354, July.
    6. Chia-Hung Sun, 2005. "Productivity growth in East Asian manufacturing: a fading miracle or measurement problem?," Journal of International Development, John Wiley & Sons, Ltd., vol. 17(1), pages 1-19.

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