Industrial Difference in Employment Effect of Economic Growth
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초록
It is often argued that job creation effect of economic growth is not so large as in the past. Apparently, since the employment does not increase enough while the economy grows, the phenomenon has been called as “Jobless growth”. It looks that most empirical papers confirms it based on the empirical estimates of the so called employment elasticity. This paper aims to refine the topics by looking at how employment effect of economic growth is different depending on the industry. First, this paper shows empirically that employment elasticity is not the same, but different for different industry. And it has changed over time: while the value has decreased for some industries like manufacturing and construction, it has increased for others like finance, insurance and education. Second, it is shown that each industry has its own reason for its employment elasticity to have changed differently over time. We try to identify which determinant(s) is (are) responsible for changes in empirically estimated values of employment elasticity in each industry.
Abstract
It is often argued that job creation effect of economic growth is not so large as in the past. Apparently, since the employment does not increase enough while the economy grows, the phenomenon has been called as “Jobless growth”. It looks that most empirical papers confirms it based on the empirical estimates of the so called employment elasticity. This paper aims to refine the topics by looking at how employment effect of economic growth is different depending on the industry. First, this paper shows empirically that employment elasticity is not the same, but different for different industry. And it has changed over time: while the value has decreased for some industries like manufacturing and construction, it has increased for others like finance, insurance and education. Second, it is shown that each industry has its own reason for its employment elasticity to have changed differently over time. We try to identify which determinant(s) is (are) responsible for changes in empirically estimated values of employment elasticity in each industry.
참고문헌 (10)
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