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Productivity Distribution and Economic Growth
조장옥,주효연,김형석,이재원 한국경제학회 2016 The Korean Economic Review Vol.32 No.1
This paper develops a tractable model of economic growth in which heterogeneous households produce capital à la Romer (1986). The paper demonstrates that depending on its varying degrees of persistence, productivity heterogeneity dictates economic growth. A regression analysis based upon a reduced-form version of the model shows that the persistence of human capital is the driving force behind the positive effects of productivity dispersion on economic growth.
조장옥,김숙영 한국계량경제학회 2016 계량경제학보 Vol.27 No.2
It is shown that an economy can grow endogenously in early stage of development. However, the growth is not due to the factors emphasized in the literature but due to abundant labor. If labor is abundant enough to render real wage rate fixed as Lewis (1954) postulated, the marginal product of capital does not decrease with capital and hence endogenous growth emerges. However, the endogenous growth is temporary in the sense that once labor has been fully utilized, the growth enters neoclassical phase in which the economy converges along saddle path to its steady state of low growth. The model is proposed to explain the difference between West German and Japanese growth pattern after World War II. It is argued that West Germany was a highly industrialized Solow (1956) economy far below her steady state due to wartime destruction. As was predicted by Solow, West German growth rate was extremely high initially. However, her growth pace slowed down gradually from the beginning to a low growth steady state. By contrast, Japanese economy after the war was a largely agrarian and labor abundant Lewis economy. Japan's rapid economic growth which had been sustained temporarily for about twenty years before she took the path converging to the present steady state of low growth was endogenous. Almost all of the growth miracles since the latter half of the twentieth century have been of Japanese pattern.
Economic Allocations with Permanent Heterogeneities: An Example
조장옥 한국계량경제학회 2012 계량경제학보 Vol.23 No.1
Permanent heterogeneities in initial asset, preference for leisure, and individual productivity are introduced in a dynamic general equilibrium model and the functional relationship between the heterogeneities and economic allocations is studied. With the permanent heterogeneities, we show that a unique saddle path equilibrium is supported by an initial asset distribution. Depending on the heterogeneities, the distributions of consumption, income, asset and labor income may differ incredibly. However,the associated aggregate economies are not different very much.