ABSTRACT This paper examines empirically whether information and communication technology(ict) has improved total factor productivity at industry leve

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1 韓國開發硏究제 32 권제 4 호 ( 통권제 109 호 ) 한국의산업별정보통신자본과총요소생산성 신석하 ( 한국개발연구원연구위원 ) Information Communication Technology Capital and Total Factor Productivity across sectors in Korea Shin, Sukha (Research Fellow, Korea Development Institute) * 신석하 : ( ) sshin@kdi.re.kr, (address) Korea Development Institute, 49 Hoegiro, Dongdaemun-gu, Seoul, Korea Key Word: (ICT), (TFP), (Korean Economy) JEL Code: O33, O53 Received: Referee Process Started: Referee Reports Completed:

2 ABSTRACT This paper examines empirically whether information and communication technology(ict) has improved total factor productivity at industry level in Korea, considering time lag between ICT capital accumulation and improvement of productivity. To evaluate if ICT is pervasive enough to raise productivity, ICT capital stock of Korea is compared with those of advanced economies. From the perspective of aggregate economy, the ICT capital in Korea has increased fast since the mid-1990s and became comparable with advanced economies. However it is mostly attributed to rapid growth of ICT-producing industries. In other industries, ICT capital are still less accumulated than advanced economies. Growth accounting results exhibit that the productivity has risen faster since 2000 in industries using ICT intensively, but looking into specific industries, it is not likely for ICT to be the main factor of productivity improvement except in business service industry. Regression results provide some evidence that ICT is useful in raising productivity only after considerable amount of time allowed. To fully exploit the positive effect of ICT on productivity, it may be necessary for the Korean economy to create institutional environment facilitating complementary innovations as well as ICT captial accumulation.

3 한국의산업별정보통신자본과총요소생산성 77 Ⅰ. 서론.,., ,, , ,

4 78 韓國開發硏究 / Ⅳ , ,.,.. Ⅱ. 기존연구,. 1) (2000), (2002), (2005), (2009), (2000) %, %. (2002) , 1) (2002).

5 한국의산업별정보통신자본과총요소생산성 79. (2005) 1990 IT IT., (2009) , % %, %, -0.2% %, -0.0%., (2001) (2004). (2001) 1985, 1990, , 1..,,.. (2004) ,.,.,,. 2) 2) (2004), 3.

6 80 韓國開發硏究 / Ⅳ (1998), Kim(2004). (1998) Kim(2004).... 3) (2002),,. (2001) Solow paradox( you can see the computer age everywhere but in the productivity statistics ) ,,. 3) (2002).,,,..

7 한국의산업별정보통신자본과총요소생산성 81. 4).,..,,,,,.,,., U. 5).,. S. 6),,.,.,. 4) (2008). 5) Helpman and Trajetenberg(1996). 6) Jovanovic and Rousseau(2005) S.

8 82 韓國開發硏究 / Ⅳ ,. (2001) 38,.,......,. Ⅲ. 정보통신자본의축적수준에대한평가 1. 자료. Pyo et al.(2008) EU-KLEMS 72 11,. EU-KLEMS. 7) (Appendix 1, Appendix 2 ),,, 7) EU-KLEMS ( DB 71,.

9 한국의산업별정보통신자본과총요소생산성 83. 0, Pyo et al.(2008), (2008).,,.,. (hedonic pricing). EU-KLEMS(2007). 8),. [Figure 1] [Figure 2]. Pyo et al.(2008) EU- KLEMS. Pyo et al.(2008) 1998 EU-KLEMS (2008). 8).,, EU-KLEMS.

10 84 韓國開發硏究 / Ⅳ [Figure 1] Price Indices in the United States [Figure 2] Price Indices in Korea IT(left) 좌 ) non-ict(right) 우 ) IT-before 조정전 adj.(left) ( 좌 ) non-ict(left) 좌 ) IT-after 조정adj.(right) 후 ( 우 ) Note: Price indices are calculated using data from EU-KLEMS and National Accounts.,,. Ha and Pyo(2004). Ha and Pyo(2004), ), Pyo et al.(2008) (2008). (2008) Pyo et al.(2008),, EU-KLEMS (2007). (2008) Pyo et al.(2008) EU-KLEMS. EU-KLEMS BEA ), EU-KLEMS 9), (2001),. 10) BEA 11. EU-KLEMS

11 한국의산업별정보통신자본과총요소생산성 85 <Table 1> EU-KLEMS Depreciation Rates Asset type Minimum over industries Maximum over industries Residential structures Non-residential structures Infrastructure Transport equipment Computing equipment Communications equipment Other machinery and equipment Products of agriculture and forestry Other products Software Other intangibles Source: EU-KLEMS(2007). Jorgenson et al.(2005)., 0.315, EU-KLEMS,. (1997) Hulten and Wykoff(1981). BEA Hulten and Wykoff(1981) EU-KLEMS. EU-KLEMS, 11 11, Timmer et al.(2007).

12 86 韓國開發硏究 / Ⅳ 4 5%, Pyo et al.(2008) (2008)....,,,,. Young(1995) %. EU-KLEMS(2007). EU-KLEMS,. 2~3. Pyo et al.(2008) 80%.,. (2009) 30%, 50%, (2008).,.. (2008). Gollin (2002).

13 한국의산업별정보통신자본과총요소생산성 87,.,, RAS.,.. 13,.. 2. 정보통신자본의축적추이 [Figure 3] ) 1990, IT S. ( ).. ( ) 11), EU-KLEMS IT, IT IT IT.

14 88 韓國開發硏究 / Ⅳ [Figure 3] ICT Capital Stock 35 (%) compared to total capital stock(before adj.) compared to capital equipment stock(before adj.) compared to total capital stock(after adj.) compared to capital equipment stock(after adj.) Source: ICT Capital Stock are calculated using data from Pyo et al.(2008) and National Accounts. [Figure 4] ICT Capital Income 14 (%) Source: ICT Capital Income are calculated using data from Pyo et al.(2008) and National Accounts.

15 한국의산업별정보통신자본과총요소생산성 89 <Table 2> ICT Capital Income Ratio by Sectors (Unit: %) ICT-producing industries ICT-using industries Non-ICT industries Total economy Source: Capital income ratios are calculated using data from Pyo et al.(2008) and National Accounts.. 12), S.. van Ark et al.(2003),,. <Appendix 2>.,, OECD(2002)., Stiroh (2002) , 1990, , ) 12) (2008).

16 90 韓國開發硏究 / Ⅳ 3. 국제비교 , 2005 (Figure 5, Table 3 ). 14) 3 (,, ). 15), 25 [Figure 5] ICT Capital Income Ratio by Countries (%) United States United Kingdom Japan Germany Korea Source: ICT Capital income ratios are calculated using data from EU-KLEMS and Pyo et al.(2008). 13),,,,.,.,,,,,,,,,. (2008). 14). (2000) OECD. 15),.

17 한국의산업별정보통신자본과총요소생산성 91 <Table 3> ICT Capital Income Ratio by Countries (Unit: %) USA UK Japan Germany Korea Source: ICT Capital income ratios are calculated using data from EU-KLEMS and Pyo et al.(2008). 80%, %. 16),,,. 17) 70%, 30%. 18) , (Appendix 3 ).,,. 16) EU-KLEMS 72, Inklaar et al.(2005) <Appendix 2>. 17),,. <Appendix 3>. 18) 40%.

18 92 韓國開發硏究 / Ⅳ [Figure 6] ICT Capital Income Ratios in Korea and Advanced Economies 50 <1991> <1995> (%) 50 (%) non-ict ICT-using ICT-Producing 0 non-ict ICT-using ICT-Producing Advanced economies average Korea Advanced economies average Korea 50 <2000> <2005> (%) 50 (%) non-ict ICT-using ICT-Producing Advanced economies average Korea 0 non-ict ICT-using ICT-Producing Advanced economies average Korea Note: Advanced economies include the United States, the United Kingdom and Japan. Source: Capital income ratios are calculated using data from EU-KLEMS and Pyo et al.(2008) % %, % %,

19 한국의산업별정보통신자본과총요소생산성 93 Ⅳ. 산업별성장회계및회귀분석. 19) ln ln ln ln (2) 1. 산업별성장회계,. EU-KLEMS Jorgenson et al.(1987).. (1),,.,,,, ( ).,., ln ln ln ln ln ln ln,.,. 19) (total factor productivity), (multifactor productivity),.

20 94 韓國開發硏究 / Ⅳ,.. 20) EU-KLEMS , <Table 4>, <Table 4> Growth Accounting of the Korean Economy Aggregate economy (Unit: %, %p) VA H L-H KIT KNIT TFP 1981~ ~ ~ ~ ~ ~ Note: VA denotes value added; H total working hours; L-H labor composition; KIT ICT capital stock; KNIT Non-ICT capital stock; TFP Total Factor productivity. Numbers for VA are annual growth rates while other numbers are the contributions to the growth rates. 20) (, ),. ln ln,, ( )..

21 한국의산업별정보통신자본과총요소생산성 [Figure 7] Aggregate TFP Growth Estimates (%) TFP(This paper) Dual TFP(Hahn,ChinHee Shin,Sukha[2008]) (2008) (Figure 7 ).,. 2000, (Table 5 ) <Table 6>, , 2000

22 96 韓國開發硏究 / Ⅳ <Table 5> Sectoral Growth Accounting by ICT Classifications Non-ICT industries ICT-using industries ICT-producing industries VA H L-H KIT KNIT TFP (Unit: %, %p) Industry weight 1981~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Note: VA denotes value added; H total working hours; L-H labor composition; KIT ICT capital stock; KNIT Non-ICT capital stock; TFP Total Factor productivity. Numbers for VA are annual growth rates while other numbers are the contributions to the growth rates ,. 1986~95, 1990, 2001~05.

23 한국의산업별정보통신자본과총요소생산성 97 <Table 6> Growth Accounting of Manufacturing Sector by ICT Classifications Non-ICT manufacturing industries ICT-using manufacturing industries ICT-producing manufacturing industries VA H L-H KIT KNIT TFP (Unit: %, %p) Industry weight 1981~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Note: VA denotes value added; H total working hours; L-H labor composition; KIT ICT capital stock; KNIT Non-ICT capital stock; TFP Total Factor productivity. Numbers for VA are annual growth rates while other numbers are the contributions to the growth rates... <Table 8> (,, ), (, ), (,, ). 2000,

24 98 韓國開發硏究 / Ⅳ <Table 7> Growth Accounting of Service Sector by ICT Classifications Non-ICT service industries ICT-using service industries ICT-producing service industries VA H L-H KIT KNIT TFP (Unit: %, %p) Industry weight 1981~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Note: VA denotes value added; H total working hours; L-H labor composition; KIT ICT capital stock; KNIT Non-ICT capital stock; TFP Total Factor productivity. Numbers for VA are annual growth rates while other numbers are the contributions to the growth rates ,. 1990,., 1986~95, 1995, 2000

25 한국의산업별정보통신자본과총요소생산성 99 <Table 8> Growth Accounting of ICT-using Service Industries Wholesale and retail trade (44, 45,46) Financial intermediation (53, 54, 55) Business services (58, 60, 61) VA H L-H KIT KNIT TFP (Unit: %, %p) Industry weight 1981~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Note: 1) 44. Sale, maintenance and repair of motor vehicles and motorcycles, retail sale of fuel; 45. Wholesale trade and commission trade, except of motor vehicles and motorcycles; 46. Retail trade, except of motor vehicles and motorcycles; repair of household goods; 53. Financial intermediation, except insurance and pension funding; 54. Insurance and pension funding, except compulsory social security; 55. Activities related to financial intermediation; 58. Computer and related activities; 60. Research and development; 61. Legal, technical and advertising. 2) VA denotes value added; H total working hours; L-H labor composition; KIT ICT capital stock; KNIT Non-ICT capital stock; TFP Total Factor productivity. Numbers for VA are annual growth rates while other numbers are the contributions to the growth rates.., 2000.

26 100 韓國開發硏究 / Ⅳ 2. 회귀분석.,.,. Basu et al.(2003). 21) Basu et al.(2003),. 2000, Basu et al.(2003). ln (3) ln ln (4),,,. Basu et al.(2003) (3) (4)., (3), (4)., (3) , , ) O Mahony and Vecchi(2005) Pesaran(1999) Pooled Mean Group.,.,,.

27 한국의산업별정보통신자본과총요소생산성 (4),, Basu et al.(2003). Basu et al.(2003), , ( ) <Table 9> (3). 1, 3, 5, 2, 4, , ) 3 4, ( 5 6), ) ,.

28 102 韓國開發硏究 / Ⅳ <Table 9> Regressions of Industry-level TFP Growth on ICT Capital 2.34** (2.36) -1.25* (-1.98) 0.74** (2.36) All industries ICT-producing industries excluded ICT-producing industries, Agriculture and Public Admin. excluded model 1 model 2 model 3 model 4 model 5 model (1.57) (-1.41) 0.98** (2.04) (0.14) (-0.70) 0.68* (1.71) (-0.71) (-0.46) 0.84 (1.60) 1.07 (0.41) (-1.09) 0.79* (1.71) (-0.03) (-1.26) 1.60* (1.77) Obs Note: Pooled OLS regressions. Dependent variable is the average TFP growth rate for the period of and explanatory variables are the contribution of ICT capital. Numbers in parentheses are t-statistics. Coefficients with asterisks are significant at 1%(***), 5%(**), 10%(*) level.. 23), (4) <Table 10>. ( 1), ),

29 한국의산업별정보통신자본과총요소생산성 103 <Table 10> Regressions of Industry-level TFP Growth on ICT Capital and investment 1.07 (0.91) (-0.41) All industries ICT-producing industries excluded ICT-producing industries, Agriculture and Public Admin. excluded model 1 model 2 model 3 model 4 model 5 model *** (3.16) -6.34*** (-2.85) (-1.43) 0.42 (0.70) (-0.43) 0.93 (0.27) (-1.53) (-0.01) (-0.45) (-0.90) R Note: Pooled OLS regressions. Dependent variable is the average TFP growth rate for the period of and explanatory variables are the contribution of ICT capital. Numbers in parentheses are t-statistics. Coefficients with asterisks are significant at 1%(***), 5%(**), 10%(*) level (10 ). Basu et al.(2003) 5,. Ⅴ. 결론,

30 104 韓國開發硏究 / Ⅳ , ,. (10 ).,,. 24)..,.. 24) OECD(2003).

31 한국의산업별정보통신자본과총요소생산성 105..,..,..,.

32 106 韓國開發硏究 / Ⅳ 참고문헌,,, 8 2, 2002., :,, 14 1, 2009., :,, 16 2, 2002.,,, 339, 2008., (IT) : OECD,, 6 3, 2000., (ICT),, 10 2, 2004.,, ,, 2008.,,, 46 3, 1998., : Baumol,, 369, 2009., IT,, 11 2, 2005.,,, 7 2, 2001., : 38,, 8 2, 2001.,,.,,, , :,, 30 1, 2008., :,, 3 1, Basu, S., J. Fernald, N. Oulton, and S. Srinivasan, The Case of the Missing Productivity Growth: Or, Does Information Technology Explain Why Productivity Accelerated in the United States But Not the United Kingdom, NBER Working Paper No , 2003.

33 한국의산업별정보통신자본과총요소생산성 107 EU-KLEMS, EU KLEMS Growth and Productivity Accounts: Part I Methodology, Gollin, D., Getting Income Shares Right, The Journal of Political Economy, Vol. 110, No. 2, Ha, Bong Chan and Hak K. Pyo, The Measurement of IT Contribution by Decomposed Dynamic Input-Output Tables in Korea, Seoul Journal of Economics, Vol. 17, Helpman, E. and M. Trajetenberg, Diffusion of General Purpose Technologies, NBER Working Paper No. 5773, Hulten, Charles R. and Frank C. Wykoff, The Measurement of Economic Depreciation, in Charles R. Hulten (ed.), Depreciation, Inflation, and the Taxation of Income from Capital, Washington D.C.: Urban Institute Press, Inklaar, R., M. O'mahony, and M. Timmer, KT and Europe s Productivity Performance: Industry-level Growth Account Comparisons with the United States, Review of Income and Wealth, Series 51, No. 4, Jorgenson, D. W., F. M. Gollop, and B. M. Fraumeni, Productivity and US Economic Growth, Cambridge MA: Harvard Press, Jorgenson, D. W., M. Ho, and K. Stiroh, Information Technology and the American Growth Resurgence, MIT, Jovanovic, B. and P. Rousseau, General Purpose Technologies, NBER Working Paper No , Kim, Jong-Il, Information Technology Investment and Productivity Growth in Korea, The Korean Economic Review, Vol. 20, OECD, Measuring the Information Economy, OECD, ICT and Economic Growth, O'mahony, M. and M. Vecchi, Quantifying the impact of ICT Capital on Output Growth: A Heterogeneous Dynamic Panel Approach, Economica, Vol. 72, Pesaran, M. H., Pooled Mean Group Estimation of Dynamic Heterogenoeus Panels, Journal of the American Statistical Association, Vol. 94, Pyo, Hak K., Chun Hyunbae, and Rhee Keun Hee, Total Factor Productivity by 72 Industries in Korea and International Comparison( ), Working Paper No. 324, Institute for Monetary and Economic Research, The Bank of Korea, Stiroh, K. J., Information Technology and the U.S. Productivity Revival: What Do the Industry Data Say? American Economic Review, Vol. 92, No. 5, Timmer, M., T. van Moergastel, E. Stuivenwold, G. Ypma, M. O Mahony, and M. Kangasniemi, EU KLEMS Growth and Productivity Accounts Version 1.0 Part I Methodology, EU KLEMS, van Ark, B., R. Inklaar, and R. McGuckin, ICT and Productivity in Europe and the United States: Where Do the Differences Come From? CESifo Economic Studies, Vol. 49, 2003.

34 108 韓國開發硏究 / Ⅳ Young, Alwyn, The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience, The Quarterly Journal of Economics, Vol. 110, No. 3, 1995, pp.641~680.

35 한국의산업별정보통신자본과총요소생산성 109 부 록 <Table A-1> Asset classification National account EU-KLEMS 1. Residential structures 1. Residential structures 2. Non-residential structures 2. Non-residential structures 3. Other construction 3. Structure 4. Transport equipment 4. Transport equipment 5. Other machinery and equipment 5. Computing equipment 6. Communications equipment 7. Other machinery and equipment 8. Products of agriculture and forestry 1) 9. Other products 1) 6. Gross capital formation 10. Software 11. Other intangibles 1) Note: 1) No data is available for 8. Products of agriculture and forestry, 9. Other products, 11. Other intangibles; these are excluded from further analysis. Source: EU-KLEMS; Bank of Korea.

36 110 韓國開發硏究 / Ⅳ <Table A-2> Industries by ICT classification van Ark et al.(2003) Inklaar et al.(2005) Industry ICT Industry ICT 1. Agriculture N 1. Agriculture, hunting and forestry N 2. Forestry N 2. Mining of coal and lignite N 3. Fishing N 4. Mining of coal and lignite N 5. Extraction of crude petroleum and natural gas and services 1) 6. Mining of uranium and thorium ores 2) 7. Mining of metal ores N 8. Other mining and quarrying N N N 9. Food and beverages N 3. Food and beverages N 10. Tobacco N 11. Textiles N 4. Textiles and wearing apparel N 12. Wearing Apparel, Dressing And Dying Of Fur 13. Leather, leather and footwear N U 14. Wood And Cork N 5. Wood And Cork N 15. Pulp and paper N 6. Pulp, paper and Publishing U 16. Publishing U 17. Printing and reproduction U 18. Coke, refined petroleum and nuclear fuel N 7. Mining of coal and refined petroleum 19. Pharmaceuticals N 8. Chemicals N 20. Chemicals excluding pharmaceuticals N 9. Rubber and plastics N 21. Rubber and plastics N 10. Other non-metallic mineral N 22. Other non-metallic mineral N 23. Basic metals N 11. Basic metals N 24. Fabricated metal N 25. Machinery, nec U 12. General machinery U N

37 한국의산업별정보통신자본과총요소생산성 111 <Table A-2> Continued van Ark et al.(2003) Inklaar et al.(2005) Industrial ICT Industrial ICT 26. Office, accounting and computing machinery 27. Insulated wire P 28. Other electrical machinery and apparatus nec 29. Electronic valves and tubes P 30. Telecommunication equipment P 31. Radio and television receivers P 32. Scientific instruments P 33. Other instruments 2) P 34. Motor vehicles, trailers and semi-trailers 35. Building and repairing of ships and boats 36. Aircraft and spacecraft U 37. Railroad equipment and transport equipment nec P 13. Electric mahinery P U N 14. Transport equipment N U U 38. Other Manufacturing nec U 15. Other Manufacturing U 39. Recycling 2) U 5. Wood And Cork N 40. Electricity supply N 16. Eelctricity, Gas and water supply N 41. Gas supply N 42. Water supply N 43. Construction N 17. Construction N 44. Sale, maintenance and repair of motor vehicles and motorcycles; retail sale of fuel 45. Wholesale trade and commission trade, except of motor vehicles and motorcycles 46. Retail trade, except of motor vehicles and motorcycles; repair of household goods U 18. Sale, maintenance and repair of motor vehicles and motorcycles; retail sale of fuel U 19. Wholesale trade and commission trade U U 20. Retail trade and repair of household goods 47. Hotels and restaurants N 21. Hotels and restaurants N U U

38 112 韓國開發硏究 / Ⅳ <Table A-2> Continued van Ark et al.(2003) Inklaar et al.(2005) Industrial ICT Industrial ICT 48. Inland transport N 22. Transport and storage N 49. Water transport N 50. Air transport N 51. Supporting and auxiliary transport activities; activities of travel agencies N 52. Post and telecommunication P 23. Post and telecommunication P 53. Financial intermediation, except insurance and pension funding 54. Insurance and pension funding, except compulsory social security 55. Activities related to financial intermediation 3) U 24. Financial intermediation U U U 56. Imputation of owner occupied rents 2) N 25. Imputation of owner occupied rents N 57. Real estate activities N 26. Real estate N 58. Renting of machinery and equipment 59. Computer and related activities P U 27. Business activities U 60. Research and development U 15. Other Manufacturing U 61. Legal, technical and advertising U 5. Wood And Cork N 62. Other business activities, nec N 16. Eelctricity, Gas and water supply N

39 한국의산업별정보통신자본과총요소생산성 113 <Table A-2> Continued van Ark et al.(2003) Inklaar et al.(2005) Industrial ICT Industrial ICT 63. Public admin and defence; Compulsory social security 64. Education N 65. Healh and social work N 66. Sewage and refuse disposal, sanitation and similar activities 67. Activities of membership organizations nec 68. Media activities N 69. Other recreational activites N 70. Other service activities N 71. Private households with employed persons 72. Extra-territorial organizations and bodies 2) N 28. Other service activities N N N N N Note: 1) Data for extraction of crude petroleum and natural gas and services(#5) is available since year 2004, so it is consolidated with 4. Mining of coal and lignite. 2) No data is available for 6.Mining of uranium and thorium ores, 33.Other instruments, 39. Recycling, 56..Imputation of owner occupied rents, 72. Extra-territorial organizations and bodies; these have been excluded from further analysis. 3) 55. Activities related to financial intermediation is available since the year 1986, so it is consolidated with 53. Financial intermediation, except insurance and pension funding. 4) N denotes Non-ICT industries; U ICT-using industries; P ICT-producing industries.

40 114 韓國開發硏究 / Ⅳ <Table A-3> Industry-level Comparison of ICT Capital Income Ratio in Korea with Advanced Economies (Advanced economies = 1) Agriculture, hunting and forestry Mining and quarrying Food and beverages Textiles and wearing apparel Wood And Cork Pulp, paper and Publishing Mining of coal and lignite Chemicals Rubber and plastics Other non-metallic mineral Basic metals General machinery Electric mahinery Transport equipment Other manufacturing Eelctricity, Gas and water supply Construction Sale, maintenance and repair of motor vehicles and motorcycles; retail sale of fuel Wholesale trade and commission trade Retail trade and repair of household goods Hotels and restaurants Transport and storage Post and telecommunication Financial intermediation Business activities Other service activities All industries Note: Advanced economies include the United States, the United Kingdom and Japan. Source: ICT capital income ratios are calculated using data from EU-KLEMS, Pyo et al.(2008) and National Accounts.

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