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Mary Wilson Grist
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As I read this article, I constantly kept referring back to the Solow Growth model. The shift from a labor intensive market capital intensive must have required at least some amount of savings. In the Solow model, savings = investment = changes in capital. This increase in capital allowed South Korea to diversify and begin to produce more profitable products such as steel, ships and then later automobiles. As many people have pointed out, one major factor in the successful growth of South Korea is the endogenous efforts to increase educational quality. This increased investment in education leads every unit of capital to be more productive, efficient and profitable.
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Oct 7, 2021