This study on tax reform, cost of capital, and capital accumulation inspires and guides policy-makers who share the goal of making the capital accumulation more efficient. This volume presents both theoretical and empirical works that have altered professional debates over investment and capital accumulation as sources of economic growth. The systematic treatment of tax policy, investment and economic growth takes into account the whole range of modern developments: cost of capital and effective tax rate, international perspective tax reform, estimates of capital stock, and a "q" model of investment. This analytical approach traces the economic growth in Korea, and discovers empirical evidences.