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http://dx.doi.org/10.7838/jsebs.2020.25.3.063

Goodwin's Growth Cycle Model and Functional Income Distribution in the Information Age of Korea: 1981~2016  

Jeong, Seungpil (Department of Mathematics, Gyeongsang National University)
Kwon, Oh-Bum (Department of Political Economy, Gyeongsang National University)
Publication Information
The Journal of Society for e-Business Studies / v.25, no.3, 2020 , pp. 63-76 More about this Journal
Abstract
In the 21st century, informatization is playing a huge role in people's lives. Korea is experiencing the tremendous changes in social structure and lifestyle caused by informatization. This paper focuses on economic phenomena rather than discussion on social structure due to informatization. We check whether the Goodwin model, which can comprehensively express economic growth, economic cycle, and income distribution, is suitable for the Korean economy in the information age. This model is simulated by selecting a quantitative economic methodology that estimates coefficients from time series data of the Korean economy. The simulation results confirmed that the Goodwin model is suitable for analyzing functional income distribution in Korea.
Keywords
Infromation Age; Goodwin's Model; Goodwin's Growth Cycle Model; Econometric Methodology; Employment Rate; Labor Income Share;
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