Aging,automation, and productivity in Korea |
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| Institution: | 1. Asian Development Bank, Mandaluyong, Philippines;2. Department of Economics, Korea University, 5–1 Anam-Dong, Sungbuk-Ku, Seoul 136–701, South Korea;1. Department of International Relations, Kobe City University of Foreign Studies, 9-1 Gakuen-Higashimachi, Nishi-ku, Kobe 651-2187, Japan;2. College of Business Administration, Ritsumeikan University, 2-150 Iwakura-cho, Ibaraki, Osaka 567-8570, Japan;1. Monfort College of Business, University of Northern Colorado, Campus Box 128, Greeley Colorado 80639, USA;2. Faculty of Business Adminisitration, Tokyo Keizai University, 1-7-34 Minamicho, Kokubunji, Tokyo, Japan;3. Graduate School of Business Administration, Hitotsubashi University, 2-1 Naka Kunitachi Tokyo 186-8601, Japan;1. Australian National University, Canberra, Australia;2. Griffith University, Brisbane, Australia;1. Gakushuin University and RIETI, Japan;2. Rissho University, Japan;3. Graduate School of Economics, Hitotsubashi University, Japan |
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| Abstract: | This paper examines the impact of aging in the Republic of Korea on productivity as measured by labor productivity or total factor productivity (TFP). It also assesses the effect of robot adoption on the relation between aging and productivity using industrial level data. We find that aging is negatively associated with labor productivity and TFP growth. This is true particularly when aging is measured by increases in shares of old workers. If aging is measured by increases in the median age of workers, the negative effect is weaker. Evidence also suggests that robot technology mitigates aging's negative effect on productivity growth, particularly when productivity is measured by TFP. However, there is no evidence that robots are more heavily adopted in aged industries. While robot technology does not directly contribute to higher productivity growth, our findings suggest that the robot adoption can alleviate the negative impact of aging by helping workers in their 50s and 60s contribute less adversly to productivity growth. |
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