The determinants of economic growth versus genuine progress in South Korea

Feeny, Simon, Mitchell, Heather, Tran, Christine and Clarke, Matthew 2013, The determinants of economic growth versus genuine progress in South Korea, Social indicators research, vol. 113, no. 3, pp. 1055-1074.

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Title The determinants of economic growth versus genuine progress in South Korea
Author(s) Feeny, Simon
Mitchell, Heather
Tran, Christine
Clarke, Matthew
Journal name Social indicators research
Volume number 113
Issue number 3
Start page 1055
End page 1074
Total pages 20
Publisher Springer
Place of publication Dordrecht, The Netherlands
Publication date 2013-09
ISSN 0303-8300
1573-0921
Keyword(s) economic growth
South Korea
genuine progress indicator
GDP per capita
Summary This paper examines whether the drivers of economic growth are the same as those for genuine progress in the case of South Korea. Using data covering the period 1970–2005, the paper first constructs a Genuine Progress Indicator (GPI). An empirical model is then specified and estimated using growth in GDP per capita and growth in the GPI per capita as dependent variables. Results indicate that while physical capital, research and development, exports, and inflation are all important in determining growth in GDP per capita, only physical capital is a driver of genuine progress. These findings highlight the need for policymakers to identify and target other determinants of genuine progress to improve the well-being of South Koreans, rather than focus attention on traditional sources of economic growth.
Language eng
Field of Research 140202 Economic Development and Growth
Socio Economic Objective 910103 Economic Growth
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2013
Copyright notice ©2013, Springer
Persistent URL http://hdl.handle.net/10536/DRO/DU:30058717

Document type: Journal Article
Collection: School of Humanities and Social Sciences
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Created: Mon, 02 Dec 2013, 13:47:20 EST by Matthew Clarke

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