The Effect of Capital Accumulation on Job Creation : Positive or Negative ?
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This paper aims to see the job creation effect of economic growth. We are getting very familiar with the widely mentioned but not rigorously checked observation that the employment does not increase enough even when the economy is growing. That growth has been named “Jobless growth”. This paper aims to look at the relationship between employment and economic growth, which is not new, but has been used by the concept of capital deepening in the literature. To be more specific, this paper attempts to identify the structural determinants of employment elasticity with respect to capital. If there exists any structural relationship between them, it should be primarily determined by the structure of labor and capital markets, but also possibly by others. Based on the result, this paper suggests some possible policies to encourage job creation.
Abstract
This paper aims to see the job creation effect of economic growth. We are getting very familiar with the widely mentioned but not rigorously checked observation that the employment does not increase enough even when the economy is growing. That growth has been named “Jobless growth”. This paper aims to look at the relationship between employment and economic growth, which is not new, but has been used by the concept of capital deepening in the literature. To be more specific, this paper attempts to identify the structural determinants of employment elasticity with respect to capital. If there exists any structural relationship between them, it should be primarily determined by the structure of labor and capital markets, but also possibly by others. Based on the result, this paper suggests some possible policies to encourage job creation.
참고문헌 (14)
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