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Occasional Paper SeriesKIET Korea Institute for Industrial Economics and Trade

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Author Sung Yeung, Kwack, Young Sun Lee Date 2010.03.31 Page 709
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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)).