Paul Römer’s 90 Model and South Korean Economic Growth: An Econometric Study

This study aims to apply Paul Römer’s 90 model of economic growth on the case of South Korea during the period 1979-2018 using an econometric study. The study concluded that the labor force has a positive impact on the GDP and this effect increases in the long run by 5 doubles during the study period. For patents, their impact has increased also by 7.46 doubles. While the effect of capital accumulation decreased in the long run. We conclude that the human factor and patents have played a large role in the long run economic growth as stated in the Römer model