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Full-Text Articles in Social and Behavioral Sciences
Falling Labor Income Inequality In Korea’S Economic Growth: Patterns And Underlying Causes, Gyeongjoon Yoo, Gary S. Fields
Falling Labor Income Inequality In Korea’S Economic Growth: Patterns And Underlying Causes, Gyeongjoon Yoo, Gary S. Fields
Gary S Fields
Over the last twenty-five years, the economy of the Republic of Korea achieved a remarkable growth rate of 7 percent per year in real per capita income, causing it to be labeled, justifiably, as a “miracle economy.” This exceptional economic growth has been accompanied by an even more exceptional fall in labor income inequality. Using a newly-developed methodology, we use data from Korea’s Occupational Wage Surveys to quantify the importance of various factors that have contributed to the fall in labor income inequality in Korea. We find the most important factors explaining the level of income inequality are job tenure, …
The Potential Role Of An Employment Guarantee Scheme In Korea's Social Safety Net, Gary S. Fields
The Potential Role Of An Employment Guarantee Scheme In Korea's Social Safety Net, Gary S. Fields
Gary S Fields
[Excerpt] Beginning in November 1997, the Republic of Korea underwent a devastating economic crisis. Declining macroeconomic conditions brought about major labor market disruptions in 1998: a quadrupling of unemployment, a fall of 9% in real wages, informalization of the remaining jobs, increased job insecurity, and rising poverty and inequality. Disadvantaged groups suffered a disproportionate impact. The result was not only economic misery but also social pain: increased homelessness, rising crime, heightened school dropouts, an accelerating divorce rate, and an overwhelming sense of social malaise. 1999 marked a major turnaround for Korea. GDP grew by 10.7%, and real wages are growing …