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The Contribution of Innovation on Productivity and Growth in Korea
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기술혁신이 생산성과 경제성장에 미치는 영향

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Type
Academic journal
Author
Kim Byung-Woo (과학기술정책연구원)
Journal
Korea Technology Innovation Society Journal of Korea Technology Innovation Society Vol.11 No.1 KCI Accredited Journals
Published
2008.3
Pages
72 - 90 (19page)

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The Contribution of Innovation on Productivity and Growth in Korea
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Abstract· Keywords

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What has been the contribution of industrial innovation to economic growth? Typically, the issue has been approached with growth-accounting methods augmented to include a "stock of knowledge". An independent estimate of the rate of return to R&D is found in order to impute patents granted to the accumulation of knowledge. Griliches(1973) then uses a regression approach to assess the effect of an R&D variable on the computed TFP growth rate. The regression coefficient on the R&D variable would provide an estimate of the social rate of return to R&D. The related studies tend to show high social rates of return to R&D, typically in a range of 20 to 40 % per year.
We need to provide multiple equation dynamic system for productivity and innovation in Korean economy in state space form. A wide range of time series models, including the classical linear regression model, can be written and estimated as special cases of a state space specification. State space models have been applied in the econometrics literature to model unobserved variables like productivity. Estimation produces the following results. Considering the goodness of fit, we can see that the evidence is strongly in favor of the range 0.120~0.135 for the elasticity of TFP to R&D stock in the period between 1970's and the early 2000's.
#총요소생산성 #기술혁신 #R& #D 수익률 #R& #D #TFP(total factor productivity) #industrial innovation #rate of return to R& #D

Contents

국문요약
ABSTRACT
Ⅰ. Introduction
Ⅱ. Basic Growth Accounting Method
Ⅲ. Results from the Estimation Model
Ⅳ. Summary and Limitations
References
〈Appendix〉 Elasticity of Direct and Indirect R&D Stock

References (35)

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1. [단행본] - Aghion, P. / 1998 / Endogeneous Growth Theory / MIT Press. google schola 2. [학술지(정기간행물)] - Arrow,K. / 1962 / The Economic Implications of Learning by Doing / Review of Economic Studies 29 : 155 ~ 173 google schola 3. [단행본] - Barro, R. / 2004 / Economic Growth(Second ed.) / MIT Press. google schola 4. [보고서] - BLS(Bureau of Labor Statistics) / 2000 / Comparative Civilian Labor Force Statistics, 10 Countries, 1959-1999 google schola 5. [단행본] - Canning, D. / 2001 / Infrastructure and Long Run Economic Growth / Unpublished, Cornell Univ. google schola

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