KDI Journal of Economic Policy

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P-ISSN 1738-656X

Vol.26, No.2

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KDI 정책연구. Vol. 26, No. 2, December 2004, pp. 143-178

https://doi.org/10.23895/kdijep.2004.26.2.143

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Changes in the Weekly Working Hours and the Efficiency of Labor, 1963～2003

Dong seok Kim

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Abstract

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.

Keywords

주당 취업시간(weekly working hours), 노동능률(efficiency of labor)

JEL Code

O40, J20

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