Changes in the Weekly Working Hours and the Efficiency of Labor, 1963～2003
For a thorough accounting for economic growth, it is desired to include the working hours and the efficiency of labor as production factors in addition to the number of workers and human and physical capital stocks. This paper estimates the distribution of weekly working hours of total workers as a...
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| Format: | Article |
| Language: | English |
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Korea Development Institute
2004-12-01
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| Series: | KDI Journal of Economic Policy |
| Subjects: | |
| Online Access: | https://doi.org/10.23895/kdijep.2004.26.2.143 |
| _version_ | 1818904827552333824 |
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| author | Kim, Dong seok |
| author_facet | Kim, Dong seok |
| author_sort | Kim, Dong seok |
| collection | DOAJ |
| description | For a thorough accounting for economic growth, it is desired to include the working hours and the efficiency of labor as production factors in addition to the number of workers and human and physical capital stocks. This paper estimates the distribution of weekly working hours of total workers as a continuous variable using the maximum likelihood method, estimates the efficiency of labor as a function of working hours using wage statistics, and by combining these results, estimates the labor efficiency index in Korea for the period 1963～2003. Estimation results show that the efficiency of labor was maximized when the weekly working hours was 40 hours, and the average annual growth rate of the labor efficiency for the period 1963～2003 was 0.14 percent. |
| first_indexed | 2024-12-19T21:13:38Z |
| format | Article |
| id | doaj.art-6a9a128572b448df8250fc0cc185e1e7 |
| institution | Directory Open Access Journal |
| issn | 2586-2995 2586-4130 |
| language | English |
| last_indexed | 2024-12-19T21:13:38Z |
| publishDate | 2004-12-01 |
| publisher | Korea Development Institute |
| record_format | Article |
| series | KDI Journal of Economic Policy |
| spelling | doaj.art-6a9a128572b448df8250fc0cc185e1e72022-12-21T20:05:25ZengKorea Development InstituteKDI Journal of Economic Policy2586-29952586-41302004-12-0126214317810.23895/kdijep.2004.26.2.143Changes in the Weekly Working Hours and the Efficiency of Labor, 1963～2003Kim, Dong seok0Fellow, Korea Development InstituteFor a thorough accounting for economic growth, it is desired to include the working hours and the efficiency of labor as production factors in addition to the number of workers and human and physical capital stocks. This paper estimates the distribution of weekly working hours of total workers as a continuous variable using the maximum likelihood method, estimates the efficiency of labor as a function of working hours using wage statistics, and by combining these results, estimates the labor efficiency index in Korea for the period 1963～2003. Estimation results show that the efficiency of labor was maximized when the weekly working hours was 40 hours, and the average annual growth rate of the labor efficiency for the period 1963～2003 was 0.14 percent.https://doi.org/10.23895/kdijep.2004.26.2.143주당 취업시간(weekly working hours)노동능률(efficiency of labor) |
| spellingShingle | Kim, Dong seok Changes in the Weekly Working Hours and the Efficiency of Labor, 1963～2003 KDI Journal of Economic Policy 주당 취업시간(weekly working hours) 노동능률(efficiency of labor) |
| title | Changes in the Weekly Working Hours and the Efficiency of Labor, 1963～2003 |
| title_full | Changes in the Weekly Working Hours and the Efficiency of Labor, 1963～2003 |
| title_fullStr | Changes in the Weekly Working Hours and the Efficiency of Labor, 1963～2003 |
| title_full_unstemmed | Changes in the Weekly Working Hours and the Efficiency of Labor, 1963～2003 |
| title_short | Changes in the Weekly Working Hours and the Efficiency of Labor, 1963～2003 |
| title_sort | changes in the weekly working hours and the efficiency of labor 1963 2003 |
| topic | 주당 취업시간(weekly working hours) 노동능률(efficiency of labor) |
| url | https://doi.org/10.23895/kdijep.2004.26.2.143 |
| work_keys_str_mv | AT kimdongseok changesintheweeklyworkinghoursandtheefficiencyoflabor19632003 |