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The Impact of Korean Human Capital on the Permanent National Economic Growth in the New Normal Era

뉴 노멀 시대하 한국의 인적자본이 영구적 국민경제성장에 미치는 영향

  • 김선재 (배재대학교 전자상거래학과)
  • Received : 2017.02.01
  • Accepted : 2017.02.20
  • Published : 2017.06.28

Abstract

The purpose of this study is to investigate the transitory and permanent growth effects of human capital of the Korean economy based on the analysis of the New Normal Era during the period 1970-2014. For the transitory effects, we found out that all the coefficients of capital and labor are significant above the 5% level, whereas the coefficients of labor and human capital are significant only at the 10% level during the period 1999~2014. In particular, in the case of 1% increase in the human capital, the actual growth rate raised up with the rate of 0.15% over a 45-year period. For the permanent growth effects, the coefficients of capital and labor are significant above the 5% level. Furthermore, sum of the coefficients of the capital and labor showed approximately 0.96~0.99, approaching to a unit, which implies that there is a constant returns scale with respect to these inputs. In particular, the coefficient of human capital at 0.064 is significant at the 10% level. This implies that the permanent growth effect of an additional index of human capital is about 0.64% the previous 45-year period.

Keywords

New Normal;Human Capital;Transitory Economic Growth;Permanent Economic Growth

Acknowledgement

Supported by : 한국연구재단, 배재대학교

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