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The Effect of Restructuring on Labor Reallocation and Productivity Growth: An Estimation for Korea
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논문 기본 정보

Type
Academic journal
Author
최혜린 정성춘 김수빈
Journal
Korea Institute for International Economic Policy [KIEP] Working Paper Working Paper 제17권 제4호
Published
2017.9
Pages
0 - 0 (1page)

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The Effect of Restructuring on Labor Reallocation and Productivity Growth: An Estimation for Korea
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Abstract· Keywords

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Productivity is considered one of the most important factors for economic growth. Total productivity grows through technological progress or reallocation of resources. This paper analyses their contribution to economic growth for total economy and by sectors. The main finding is that economy-wide increases but this is mainly due to internal technological improvements. On the one hand, inter-sector reallocation of labor negatively contributes to economic growth as employment moves to service sectors with low productivity. Further, when looking at the sectoral-level productivity growth, both internal and external restructuring make positive contributions to aggregate economic growth. However, internal technological progress and reallocation of employment appear to similarly contribute to the sectoral-level economic growth in the manufacturing sector, whereas internal restructuring makes a larger contribution to economic growth in the service sector. This suggests that there is more room for reallocation of resources to contribute to the productivity growth in service sectors. Therefore, the productivity growth of the service sector would foster economy-wide productivity and it can be achieved by the mitigation of misallocation of resources in service sectors.

Contents

Executive Summary

1. Introduction

2. Inter-Sector Labor Movement and Productivity Growth

3. Within-Sector Labor Movement and Productivity Growth

4. Conclusion and Discussions

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