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Labor Surplus in Korea: A Reassessment

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  • Osborne Evan

Abstract

The paper estimates the Korean turning point, as defined in the labor-surplus model of Lewis (1954) and Fei and Ranis (1964), using a wide variety of data. The best estimate is somewhere in the period 1964-1968. In addition, unlike previous estimation work several data series are shown to support the entire model in addition to dating the turning point. Caution is urge in the use of econometric estimations of production-function parameters as a way to time the turning point. [O5]

Suggested Citation

  • Osborne Evan, 2000. "Labor Surplus in Korea: A Reassessment," International Economic Journal, Taylor & Francis Journals, vol. 14(4), pages 125-141.
    • Handle: RePEc:taf:intecj:v:14:y:2000:i:4:p:125-141
    DOI: 10.1080/10168730000000039
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    References listed on IDEAS

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    1. Arthur Lewbel, 1992. "Aggregation with Log-Linear Models," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 59(3), pages 635-642.
    2. Schweigert, Thomas E., 1993. "Commercial sector wages and subsistence sector labor productivity in Guatemalan agriculture," World Development, Elsevier, vol. 21(1), pages 81-91, January.
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