Education And Economic Growth In Korea, 1966 To 1997

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Namchul Lee

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Abstract

This paper examines the aggregate production function for Korea, using direct estimates of human capital.  The contribution of this study possibly provides be affirmation of the myriad role education plays in Korean society, including that of economic growth.  I have used the Cobb-Douglas production and time series data of physical capital, labor force, and human capital measurements. In terms of an estimation technique, I have used modern time series methods specifically designed to deal with covariance stationary based on the Augmented Dickey-Fuller (ADF) unit root tests.  To date, these techniques have not been frequently used to explore the nature of quantity and quality human capital variables, physical capital, and labor variables.  This study has led me to the conclusion that the level of human capital is a significant determinant for economic growth.  The coefficient for the quality of human capital stock, however, I found to be negative and significant.  These measures ignore the important role of training and learning through practice, and the productivity effect of the educational curriculum.

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