Innovation-driven Economy and Total Factor Productivity - KIET 산업연구원 - 소통 - 공지사항

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Innovation-driven Economy and Total Factor Productivity 2004-10-29 문서 미리보기 문서 다운로드

author : Won-Kyu Kim (Industrial Competitiveness Division)

Now the Korean economy is making efforts to transform itself into an innovation-driven economy in order to jump up to an advanced economy. What is the most important in this transition is to drastically raise its productivity as a whole, unlike in the past.A variable which represents the productivity of the whole economy is the total factor productivity. Its increasing rate, defined as a Solow residual1) that is measured by subtracting the contributions of labor and capital stock from the growth rate of gross domestic product, is a comprehensive concept including technological progress and others...