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宋瑋燮 亞洲大學校 1984 論文集 Vol.7 No.-
The objective of this study is to investigate the relationship between the productivity of the labor force and educational attainment and experiences of the labor force. Examining the relationship between the quality change of the labor force due to improvement in educational attainment and changing age structure and the growth of the economy at the macro economic level is the additional objective of this study. In ordere to determine the effect of the changing characteristics of the labor force on overall economic growth of Korea during the postwar period and to obtain projections on future economic growth during the period 1980-2025, a specific form of the Cobb-Douglas type of production function is used. The estimation results show that the residual, or technical change as it is often designated, showed a growth rate of 2.1 percent per annum during the period 1955-1979. The labor share, or the elasticity of output with respect to labor input is estimated to be 0.31, whereas capital share is estimated to be 0.69. GNP grew by an annual rate of 7.6 percent during the period 1955-1979, and 0.27 percentage points, or 3.5 percent of the GNP growth rate was explained by the quality improvement of the labor.