Labor Surplus in Korea: A Reassessment
The paper estimates the Korean turning point, as defined in the labor-surplus model of Lewis (1954) and Fei and Ranis (1964), using a wide variety of data. The best estimate is somewhere in the period 1964-1968. In addition, unlike previous estimation work several data series are shown to support the entire model in addition to dating the turning point. Caution is urge in the use of econometric estimations of production-function parameters as a way to time the turning point.
Osborne, E. W.
(2000). Labor Surplus in Korea: A Reassessment. International Economic Journal, 14 (4), 125-141.