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This paper was presented at the Conference on Growth and Productivity, organized by the Reserve Bank of Australia in Sydney, in July 1995. The author would like to thank Palle Andersen, Thomas Helbling, Michael Kremer, Bart Turtelboom and Peter Wickham, as well as the Conference participants, for helpful comments. In order to be concise, this study refers to Republic of Korea as “Korea.” The term “country,” as used in this paper, may not refer to a territorial entity that is a state as understood by international law and practice; the term may also cover some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.
The value of 0.45 for a was estimated by Young from the data. He obtained this value by regressing the growth rate of output per worker on the growth rate of capital per worker. However, as Young himself concedes, this method is likely to overstate the true value of α The choice of the 1970-85 period was imposed by data availability at the time Young conducted his study.