2023-09-28 14:46:10 +00:00
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abstract: 'With factor-biased technical progress described as labor-saving and
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skill-biased technical changes, there are concerns that technological
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innovation can lead to unemployment and widen inequality in the economy.
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This study explores impacts of factor-biased technical changes on the
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economic system in terms of economic growth, employment, and
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distribution, using a computable general equilibrium (CGE) model. The
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results show that technological innovation contributes to higher level
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of economic growth with productivity improvements. However, our analysis
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suggests that economic growth accompanied by skill- and capital-biased
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technical progress disproportionately increases demand for capital and
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high-skilled labor over skilled and unskilled labor. This shift in the
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value-added composition is found to deepen income inequality, as more
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people in higher income groups benefit from skill premium and capital
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earnings. Our results suggest that policymakers should prepare a wide
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range of policy measures, such as reforms in educational programs and
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taxation systems, in order to ensure sustainable growth.'
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affiliation: 'Yeo, Y (Corresponding Author), Seoul Natl Univ, Technol Management Econ
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\& Policy Program, Seoul 151742, South Korea.
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Jung, Sungmoon, Busan Inst S\&T Evaluat \& Planning, 79 Centum Jungang Ro, Busan,
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South Korea.
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Lee, Jeong-Dong; Yeo, Yeongjun, Seoul Natl Univ, Technol Management Econ \& Policy
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Program, Seoul 151742, South Korea.
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Hwang, Won-Sik, Korea Inst Ind Econ \& Trade, 370 Sicheong Daero, Sejong Si 30147,
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South Korea.'
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author: Jung, Sungmoon and Lee, Jeong-Dong and Hwang, Won-Sik and Yeo, Yeongjun
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author-email: 'narkimess@snu.ac.kr
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leejd@snu.ac.kr
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yel0sik@snu.ac.kr
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yyj913@snu.ac.kr'
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author_list:
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- family: Jung
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given: Sungmoon
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- family: Lee
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given: Jeong-Dong
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- family: Hwang
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given: Won-Sik
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- family: Yeo
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given: Yeongjun
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da: '2023-09-28'
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doi: 10.1016/j.econmod.2016.10.014
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eissn: 1873-6122
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files: []
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issn: 0264-9993
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journal: ECONOMIC MODELLING
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keywords: 'Innovation; Economic growth; Employment; Computable general equilibrium;
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South Korea'
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keywords-plus: 'TECHNOLOGICAL-CHANGE; INFORMATION TECHNOLOGY; WAGE INEQUALITY; SKILLED
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LABOR; INNOVATION; INVESTMENT; LEVEL; EDUCATION; DEMAND'
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language: English
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month: JAN
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number-of-cited-references: '64'
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orcid-numbers: Yeo, Yeongjun/0000-0001-9782-3924
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pages: 424-438
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papis_id: 34b3fd459d8cc11c0cfb4b7fbd17c3b3
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ref: Jung2017growthequity
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times-cited: '26'
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title: 'Growth versus equity: A CGE analysis for effects of factor-biased technical
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progress on economic growth and employment'
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000390502500036
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usage-count-last-180-days: '6'
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usage-count-since-2013: '92'
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volume: '60'
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web-of-science-categories: Economics
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year: '2017'
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