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). Overall, the sources of Korea's growth were balanced among labor market and demographic factors, capital investment, human … or capital investment. A counterfactual calibration of the model explains Korea's actual growth experience well, and …
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). Overall, the sources of Korea's growth were balanced among labor market and demographic factors, capital investment, human … or capital investment. A counterfactual calibration of the model explains Korea's actual growth experience well, and …
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accumulation. This process is characterized by a gradually rising investment rate along with a moderate rate of return to capital … declining investment rate with an extremely high return to capital. We show that minor modifications of the neoclassical model …
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