From the perspective of Penrose's theory of growth of the firms, this paper, first, interprets the rapid growth with diversification by the chaebols as exploitation of growth opportunities and available resources, given the rents associated with the domestic market protection and subsidized...

This paper estimates how much changes in employment and hours worked for family heads and spouses contributed to the rise in the family income inequality between 1969 and 1989. Change in labor market activity of family heads accounts for half of the increase in the income gap between the top and...

We investigate the distributional properties of the uniform rule for the problem of allocating an infinitely divisible commodity among a group of is the only subsolution of the convex no-envy and Pareto solution. Next, we show that the uniform rule offers the greatest upper bound when there is...

This paper examines the experiences of selected industries in Korea to identify the stylized facts in the process of technological capability building and thereby to sort out, if possible, the conditions for the catch-up to occur. We have built a model of technological and market catch-up....

A Traditional explanation for the fall in the labor force participation of older males in the era of industrialization is that it was in part produced by the decline in agriculture. A number of recent studies rejected this view based on the result that farmers were no less likely to retire than...