논문검색

This paper aims to examine the implications of “policy-augmented human capital” on Korea’s rapid economic development. In an open economy, opportunity capture is endogenous because it is a function of the spirit of development and the capacity of “policy-augmented human capital”. The economic definition of policy-augmented human capital is the ability to recognize, seize, and achieve opportunities, i.e., the ability to acquire and digest information and the policy-augmented human capital to achieve the economic goal of rapid economic development. The multiplied combination of this human capital and effective policies leads to rapid economic development. Korea’s rapid economic development is characterized by two key propositions. The first is that Korea’s industrial revolution was driven by ‘policy-augmented human capital’, which played a key role in determining the specialization of output, the nature and direction of trade, and the pace of economic growth. The second proposition is that the size and composition of the “industrial portfolio” was driven by ‘policy-augmented human capital’.