Abstract
Taking South Korea as an example, this chapter establishes the calculation model of the contribution of science and technology progress and human capital to economic growth, and uses DSGE method to further analyze the economic growth in South Korea.
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Notes
- 1.
This section is completed in collaboration with the Harbin University of Science and Technology.
- 2.
On the basis of the controversy over the causes of sustained high growth in the 1998 financial crisis, including South Korea, Singapore and China Taiwan and Hong Kong, Krugman’s research on Young and Lau, In 1997, pointed out that “East Asia miracle” more originated in the sweat (labor) and investment, rather than wisdom, because science and technology progress did not play important role in this miracle, and thus there may be a great financial crisis? In fact, the financial crisis broke out in Southeast Asia in 1998, confirming Krugman’s prediction. From the results of this book, the contribution of innovation (technological innovation, human capital promotion, institutional innovation) in South Korea was low (total of 28%) during 1973–1997, but also played an important role.
References
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Liu, J., Jiang, Z. (2018). The Calculation of the Contribution of Science and Technology Progress and Human Capital to Economic Growth. In: The Synergy Theory on Economic Growth: Comparative Study Between China and Developed Countries. Springer, Singapore. https://doi.org/10.1007/978-981-13-1885-6_4
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DOI: https://doi.org/10.1007/978-981-13-1885-6_4
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