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Macroeconomic Impacts of the Accelerating Depreciation of Human Capital and Rising Social Insurance Contributions (in Korean)

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  • Chul-In Lee

    (Department of Economics, Konkuk University)

Abstract

This paper addresses the macroeconomic impact of changes in the utilization of human capital, arising from the increase in depreciation of human capital and the resulting rise in social insurance contributions. We first estimate how greatly the depreciation in human capital has risen in recent years, and, based on the results, estimate the macroeconomic effects. With current labor market practices, the estimation results imply about a 5% reduction in GDP in present value. Meanwhile, the effect of rising social security payments, another response to the labor market uncertainties, is found to be smaller than that of the acceleration in human capital depreciation.

Suggested Citation

  • Chul-In Lee, 2006. "Macroeconomic Impacts of the Accelerating Depreciation of Human Capital and Rising Social Insurance Contributions (in Korean)," Economic Analysis (Quarterly), Economic Research Institute, Bank of Korea, vol. 12(3), pages 116-156, September.
    • Handle: RePEc:bok:journl:v:12:y:2006:i:3:p:116-156
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    More about this item

    Keywords

    human capital; depreciation; uncertainty; social security contribution; macroeconomic effects;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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