The Determinants of Economic Growth Versus Genuine Progress in South Korea

Simon Feeny, Heather Mitchell, Christine Tran and Matthew Clarke ()

Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, 2013, vol. 113, issue 3, 1055-1074

Abstract: This paper examines whether the drivers of economic growth are the same as those for genuine progress in the case of South Korea. Using data covering the period 1970–2005, the paper first constructs a Genuine Progress Indicator (GPI). An empirical model is then specified and estimated using growth in GDP per capita and growth in the GPI per capita as dependent variables. Results indicate that while physical capital, research and development, exports, and inflation are all important in determining growth in GDP per capita, only physical capital is a driver of genuine progress. These findings highlight the need for policymakers to identify and target other determinants of genuine progress to improve the well-being of South Koreans, rather than focus attention on traditional sources of economic growth. Copyright Springer Science+Business Media B.V. 2013

Keywords: Well-being; Genuine progress indicator; Economic growth; South Korea (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/s11205-012-0127-4

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