세계화와 기술진보를 고려한 한국 전산업의 대체탄력성에 관한 연구

다국어 초록 (Multilingual Abstract)

Since the 1990s, the gap in labor income share by education level has widened in Korea’s total industry. To analyze this, the CES production function, which separates labor into high and low-educated labor based on human capital theory, was established to derive an estimation equation showing the relationship between elasticity of substitution between labor by education level and labor income share by education level. With this, an empirical analysis was conducted by dividing statistical data for the period 1993-2023 into three section (all sections, 1993-2023; I section, 1993-2006; II section, 2007-2023).
As a result of the estimation, the substitution elasticity was estimated to be C, and the increase in the relative wage of highly educated labor(wH/wL) increased the share of low educated labor income(SL), while technical progress and globalization lowered it. It was found that the effect of wH/wL on SL was the greatest in the entire section and the I section, while that of technical progress was the greatest in the II section. This paper is meaningful in that it has recently discovered that the increasing effect of wH/wL on SL and the decreasing effect of globalization on SL have been reduced, and the decreasing effect of technical progress on SL has been relatively expanded, resulting in a continuous decline of SL in Korean total industry.
However, this paper excludes physical capital as a factor of production, thus failing to examine the relationship between the capital income share and the labor income share by education level. It also has a limitation in that it does not consider the decline in the supply of low-educated labor due to the decrease in the population with a high school education or less since the 1990s.