earticle

영어

This research paper was drafted to analyze the effect of Total Factor Productivity and other factors on the economic development in Korea and Japan. If all the statistical data were available for the analysis, it would have been easier to draft this paper. However,this was not the case. Thus, the author had to estimate all the basic data. This effort, however, was indispensable which made this paper truly valuable. The element that exerted most significant effect on the economic development in Korea during the period estimated (1966-2006) was capital investment, which recorded contribution rate of 43.0%, while TFP too manifested significant contribution rate of 26.2% when it comes to the economic development in Korea, which shows that this too exerted significant effect. In case of Japan, however, the element that exerted most significant effect on the economic development during the period of measurement was labor, unlike Korea with the contribution rate reaching up to 112.0%. Contribution rate of the TFP manifested minus value. However, this result is produced when the qualitative element of labor is considered. When simple labor input is considered, contribution rate of the TFP for the economic development in Japan emerged as second most significant element with 7.6%.