KOREA'S PRODUCTION DATABASE, 1960-2007
||Sung Yeung, Kwack, Young Sun Lee
The Korean economy has been transformed from being agriculture-centered in the 1950s to
industrial-based and become highly open to trade. Its performance has been remarkable. In
recent years, Korea has developed a skill and IT-centered production structure. Knowledge
replaces capital and thinking displaces manual work. Knowledge and ideas are the important
determinants of production cost and economic growth.(See Romer(1990)).