Together with the advancement of information and communication technology, the importance of standards is growing continuously in a modern society in which knowledge and technologies are becoming globalized. In line with this trend, countries are promoting standard policies in order to enhance their competitiveness. Korea has also recognized the importance of standards since 2000 and has been actively promoting its own standard policies.In terms of technological development, standard setting prevents redundant investment and enables cost reductions and economies of scale. It also facilitates the spreading of technologies and, as a result, has an influence on technological innovation. Affecting productivity, standards ultimately contributes to economic growth. Identifying the effects of standards on industries plays important roles in establishing standard policies. Despite the importance of standards, there are yet to be a number of studies conducted on the economic effects of standards in reality. This study is aimed at examining the economic effects of standards through analysis of a macroeconomic growth model, although the related data or statistics are not sufficiently available
