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Comparison of Employment Policies Aimed to Deal With Aging Population with respect to Their Effect of Improving Growth Rate (in Korean)

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  • Ki-Ho Kim

    (Economic Research Institute, The Bank of Korea)

Abstract

This paper compares and analyzes the effects of increase in labor input, improvement in total factor and productivity on growth. In the analysis, it appears that significant improvement in growth takes place when total factor productivity steadily rises by the increase in effective labor forces through human capital accumulation and improvement in R&D, whereas growth effect is weak in the case of simple labor input increase caused by the rise in participation in economic activities, extension of retirement age and inflows of foreign labor. Korea needs to shift growth strategy from quantitative to qualitative ones in order to effectively deal with the problem of sluggish growth. To this end, we should nurture human capital with global competitiveness by reforming high education system, and should enhance productivity by accumulating material capital through investments in R&D and technology development and by combining the human capital with the material capital.

Suggested Citation

  • Ki-Ho Kim, 2011. "Comparison of Employment Policies Aimed to Deal With Aging Population with respect to Their Effect of Improving Growth Rate (in Korean)," Economic Analysis (Quarterly), Economic Research Institute, Bank of Korea, vol. 17(4), pages 52-98, December.
    • Handle: RePEc:bok:journl:v:17:y:2011:i:4:p:52-98
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    File URL: http://imer.bok.or.kr/attach/imer_kor/2545/2013/12/1386309679798.pdf
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    Citations

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    Cited by:

    1. Choi, Ki-Hong & Shin, Sungwhee, 2015. "Population aging, economic growth, and the social transmission of human capital: An analysis with an overlapping generations model," Economic Modelling, Elsevier, vol. 50(C), pages 138-147.

    More about this item

    Keywords

    Aging; Endogenous growth theory; CGE model; OLG model;
    All these keywords.

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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