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Falling Labor Income Inequality in Korea's Economic Growth: Patterns and Underlying Causes

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Author Info
Fields, Gary S
Yoo, Gyeongjoon

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Abstract

Over the last twenty-five years, the economy of the Republic of Korea achieved a remarkable growth rate of 7 percent per year in real per capita income, causing it to be labeled, justifiably, as a "miracle economy." This exceptional economic growth has been accompanied by an even more exceptional fall in labor income inequality. Using a newly-developed methodology, we use data from Korea's Occupational Wage Surveys to quantify the importance of various factors that have contributed to the fall in labor income inequality in Korea. We find the most important factors explaining the level of income inequality are job tenure, gender, years of education, and occupation, while those that are most important in explaining the change in income inequality are years of education, industry, occupation, and potential experience. Copyright 2000 by The International Association for Research in Income and Wealth.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Income & Wealth.

Volume (Year): 46 (2000)
Issue (Month): 2 (June)
Pages: 139-59
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Handle: RePEc:bla:revinw:v:46:y:2000:i:2:p:139-59

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  2. Kang, Byung-Goo & Yun, Myeong-Su, 2008. "Changes in Korean Wage Inequality, 1980−2005," IZA Discussion Papers 3780, Institute for the Study of Labor (IZA). [Downloadable!]
  3. Xiaoyun Liu & Terry Sicular, 2008. "Non-agricultural Employment Determinants and Income Inequality Decomposition," University of Western Ontario, RBC Financial Group Economic Policy Research Institute Working Papers 20086, University of Western Ontario, RBC Financial Group Economic Policy Research Institute. [Downloadable!]
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  14. Jong-Il You & Ju-Ho Lee, 2000. "Economic and Social Consequences of Globalization: The Case of South Korea," SCEPA Working Papers 2000-07, Schwartz Center for Economic Policy Analysis (SCEPA), The New School. [Downloadable!]
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