Kadek Artha: After revising the paper, the author has provided clear explanations on the complicated formula of TFP and its components. Explaining the formula of TFP and interpreting the components of TFP are actually the main challenge of this paper. This paper can show empirically the contribution of each component of TFP to TFP growth. Empirical results show that a steadily high rate of technical progress was the driving force behind the resilience in TFP growth after two global financial crises. The detail table of TFP and its components of manufacturing industries in Korea from 1995–2012 is provided.
The paper provides a detailed formula and empirical results of TFP and its components. In addition, the paper presents the TFP of manufacturing industries and their resilience after two economic crises in 1998 and 2009. The paper did not discuss the factors or the reasons why some manufacturing industries in Korea were...