The relation between occupational accidents and economic growth : Evidence from Korea

• Published in: International Journal of Advanced Culture Technology(IJACT) Vol. 10; no. 3; pp. 25 - 32
• Main Authors: 이재희, 클라라 최정원, 임진석, 박진백
• Format: Journal Article
• Language: English
• Published: 국제문화기술진흥원 30.09.2022
• Subjects: 과학기술학; Occupational Accidents; Economic Growth; Vector Error-Correction Model(VECM)
• ISSN: 2288-7202; 2288-7318
• DOI: 10.17703/IJACT.2022.10.3.25

This study analyzes the impact of occupational accidents on economic growth and labor productivty losses in Korea between January 2008 and July 2018, using the Vector Error-Correction Model (VECM). According to the analysis, the occurrence of occupational accidents was revealed to reduce the number of employed workers and also hinder economic growth. This can be reinterpreted as the reduction of occupational accidents does not cause labor losses in the industry, rather may induce economic growth. Also, the findings discovered that an increase in the number of workers may lead to increase in the probability of occupational accidents in the short term. This suggests that greater number of work-related accidents may occur during the early stages- due to new employees’ lack of knowledge related to safety at workplace.