• The Journal of the Korea Contents Association
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• v.20 no.7
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• pp.602-617
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• 2020

The aim of this study is to evaluate the effects of income-led growth path induced by government and consumption expenditures. Six of Nordic countries, Latin American countries and South Korea are selected for this purpose due to the fact that these countries have been pursuing income-led growth policy for more than the last decade except South Korea. The structural equation is formulated based on the government and consumption expenditures with lagged variable, and the GLMs estimation is employed for empirical analysis. Although the impacts are not overwhelmingly effective, empirical evidence suggests that income-led growth path contributes to stimulate economic activities which are associated with increasing in national income in Nordic countries and South Korea. However, the income-led growth path is quite weakly operated. Furthermore, it is even unstable in Latin American countries. In addition to this, the policy target would rather be focused on middle consumption group than low consumption group. Overall, it would be concluded that the income-led growth policy should be implemented for complementary purpose. And, it also has to be mentioned that sustainable growth may not be achievable by this policy.

• 한국사회정책
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• v.25 no.3
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• pp.175-208
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• 2018

The purpose of this article is to evaluate Korea's income-led growth policy that is still in dispute. To do this, I discussed the content, background and implications of the income-led growth theory. Next, I discussed the role of income-led growth as a growth strategy in the Korean economy. The income-led growth theory comes from the Keynesian tradition which emphasizes the role of demand in the economic growth. The basic idea emerged nearly 80 years ago, and the current model emerged about 30 years ago. Some of the Korean researchers began to pay attention to this issue when ILO researchers discussed it in 2010. The recent emphasis on income-led growth theory was due to the tendency of declining labor income, thus forming a consensus that increasing inequality can hamper growth. The effectiveness of the income-led growth strategy, which can lead to economic growth by increasing the share of labor income, is theoretically and empirically controversial. However, it is understandable why income-led growth strategies have emerged. Income-led growth is not a short-term strategy nor a key of growth strategy. However, in current socio economic structures, the prescriptions of income-led growth theory is meaningful in that it enables sustainable growth by making the economic system healthy. In addition, unlike the West, the government's welfare expenditure can play a significant role as part of the income-led growth prescriptions in Korea.

• 사회경제평론
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• v.31 no.3
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• pp.1-27
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• 2018

We evaluate the income-led growth policies introduced in the first year of 'the Moon Government', and try to find ways to extend policy packages. We emphasize the expansion of fountain effects, reinforcing trickle-down effects, and fiscal expansion. Nevertheless, we still face two deep problems. It is hard to reverse the long-run downward growth trend due to population decline. It is also hard to overcome the chronic inefficiency in resource allocations originated from the Korea-specific monopolistic structure. We still can take advantage of income-led policy, but the growth effect will be limited if our efforts just remain in mild improvement of income distribution. We have to challenge the broader reform agenda if we really aim at great paradigm shift.

• 한국사회정책
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• v.25 no.2
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• pp.243-280
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• 2018

This paper examines the discussion on the income-led growth known as the core economic strategy of Moon's administration in terms of Korean welfare regime. Although the income-led growth strategies have presented various issues, the income-led growth strategy seems to be a timely alternative discourse that emphasizes the demand side, considering supply-oriented growth strategies have caused long-term recession and deepening of inequality. It is important that the income-led growth strategy places social expenditures as an important growth engine for virtuous cycle of production and consumption. However, this paper has confirmed that simply raising wages and increasing social expenditure do not increase the aggregate demand and production. Moreover, empirical studies have shown that the inclusion of external sectors and liabilities into the analysis weakens the wage-led growth of the Korean economy. For this reason, this study concluded that the government's sophisticated policy intervention is necessary for the increase of real wages and social spending to be economic growth.

• The Journal of the Korea Contents Association
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• v.19 no.7
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• pp.559-573
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• 2019

The aim of this study is to investigate how social welfare expenditure affects to economic growth in Northern European countries, and such implication might be compared with Korean episode. ARDL cointegration model is employed for emplrical analysis. The model is usefully utilized to analyze short-run and long-run relationships of the variables in general. The result suggests that private welfare expenditure is effective in Korea and Finland even though the magnitude of effectiveness is quite a small scale. On the other hand, public welfare expenditure is effective in Denmark and Norway. However, none of social welfare expenditures affects in economic growth in Sweden. And, therefore, it could be concluded that although social welfare expenditures contribute to improve income inequality, these hardly support income-led growth strategy.

• The Journal of the Korea Contents Association
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• v.20 no.6
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• pp.392-405
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• 2020

The aim of this study is to investigate the effects of income inequality on consumption expenditure in other to understand income-led growth policy. This is basically resulted in the income inequality had gotten worse since global financial crisis in many economies. Malthusian hypothesis which signifies the relationship between the income inequality and the consumption expenditure revisited for this purpose. The paper utilizes multiple break points regression and TGARCH model, and these methodologies are tentatively applied to the case of U.S and U.K. This is because that long-run time series data enables to formulate a stylized fact in general. Empirical evidence suggests that there does not exist a solid relationship among APC, income inequality by Gini coefficient, and consumption expenditure before the year of 2000, but Malthusian hypothesis is supported by weak basis in U.S while strong basis in U.K after since then. It implies that the income inequality has to be alleviated to maximize its effectiveness of the income-led growth policy.

• KDI Journal of Economic Policy
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• v.19 no.2
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• pp.213-268
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• 1997

일국(一國)의 경제발전(經濟發展)은 경제적 진보와 근대화를 수반하는 역사적 현상이지만 구체적으로는 산업구조(産業構造)의 변화(變化)에 의한 생산(生産)과 소득(所得)의 증가(增加)라는 측면을 가지고 있다. 한국과 일본의 경제발전과정에 수반되는 경제성장과 산업구조변화에 대한 요인을 비교 분석하는 것은 양국경제의 발전현상을 이해하고, 향후의 경제정책에 기초적인 정보를 제공할 수 있다는 점에서 그 중요성이 있을 것이다. 따라서 본고는 "비례적(比例的) 성장(成長)으로부터의 편차(偏差)(DPG)" 방법을 일본의 경우는 1915~90년, 한국은 1960~90년까지의 장기적인 산업연관자료에 적용하여 양국의 산업성장과 산업생산구조변화에 대한 요인을 수요측면에서 비교 분석하였는바, 그 결과는 다음과 같이 요약된다. 우선 양국경제의 산업생산구조 및 주도산업의 변화는 시기에 있어서 차이를 보이지만 분석기간중 양국 모두에서 농림수산업은 계속해서 생산비중이 줄어들고 있고, 경제성장을 주도한 산업이 경공업에서 중화학공업으로, 그리고 중화학공업에서도 중공업으로 이전된 것으로 나타났다. 일본의 경우는 1970년대에는 생산자서비스부문을 중심으로, 그리고 1980년대에는 소비자서비스부문을 중심으로 "경제의 서비스화"가 진전되어 서비스산업이 주도산업으로 부상되고 있으나, 한국경제에서는 1990년까지도 서비스산업의 확대가 관측되지 않고 있다. 이러한 결과는 향후 한국경제의 산업생산구조에 있어서 서비스산업의 중요성이 점차 커질 것이며, 특히 "경제의 서비스화"가 생산자서비스부문을 중심으로 이루어질 가능성이 높다는 것을 시사한다. 한편 양국의 성장패턴을 살펴보면, 일본의 경우는 시기별로 성장요인에 많은 변화가 있었으나 대체로 수출보다는 국내수요(國內需要)가 경제성장에 중요한 역할을 한 것으로 나타났다. 그러나 한국경제의 성장의 성장에는 수출과 투자의 역할이 중요했으며, 특히 수출은 분석기간중 지속적으로 정(正)의 효과(效果)만을 보여 경제성장의 견인차역할을 한 것으로 나타났다. 1980년대까지 한국경제의 성장에 있어서는 수입대체보다는 수출확대를 통한 중화학공업의 육성이 지대한 영향을 미쳤으며, 이러한 수출주도적인 중화학공업의 성장패턴은 현재 국내수요(國內需要)의 규모(規模)와 산업구조변화를 일본의 경우에 비추어볼 때, 향후 몇 년 동안은 크게 변화하지 않을 것으로 판단된다.

• 정보화사회
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• s.169
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• pp.28-31
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• 2004

우리나라 정보통신은 불과 20여년만에 국가경쟁력을 선도하는 성장엔진으로 자리매김하였다. 최근 발표된 2004년 IMD의 국가경쟁력 평가 결과 우리나라 20대 강점 분야 중 IT관련 사항이 4개“나 포함되어 있으며, 아울러 IT산업은 연평균 GDP 성장률 8.3%를 상회하는 18.8%(‘98-’03)의 고도성장을 이루었고, 우리나라 전체 수출의 30%(‘03: 1,938억불 중 576억불)를 IT수출이 차지하는 등 경제발전을 주도하는 국가 주력산업으로 부상하였다.

• 월간낙농육우
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• v.32 no.10
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• pp.84-97
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• 2012

제19대 대통령선거 시기를 맞이하여 우리협회가 주도하는 축산관련단체협의회는 전국축협운영협의회, 한국축산분야학회협의회와 공동으로 범축산업계 대선공약 요구안을 마련하였다. 요구안은 국내 축산업의 가치와 입지가 좁아지고 있는 대내외적 여건을 설명하면서 식량자주율 확대지원, 농가 소득안전망 확충, 동반성장을 위한 제도 마련이라는 3대 축산정책 비전과 이에 해당하는 15개의 핵심과제들을 제시하며 국내 축산업의 회생을 위한 정책 실천을 건의하고 있다. 회원농가의 많은 관심을 바라며 이를 짊어질 수 있는 후보선택에 있어 올바른 안목을 갖추기를 기대한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.55-65
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• 2020

The purpose of this study is to empirically analyze the factors that affect start-up activities at the national level. Unlike most existing research about entrepreneurship at the individual level, this empirical analysis makes use of the total early-stage entrepreneurial activity(TEA) index at national level. This was developed by the Global Entrepreneur Monitor (GEM) as the measure for the degree of entrepreneurship of the countries. Based on the previous studies, not only national income level and unemployment rate, but also other factors including the cultural characteristics of the countries were included in our regression model. Using GEM's panel data, we found that the effectiveness of the factors depends on the stage of economic development. In particular, we found 'U-shape' relationship between the level of per capita income and entrepreneurship activity by the panel regression analysis using quadratic function. This analysis result can explicitly confirm what the existing literature have explained descriptively. Furthermore, the governmental support programs are shown to have significantly positive effects on the entrepreneurship or start-up activities in the factor-driven and efficiency-driven economies. On the contrary, those programs were not very helpful in the innovative economies. Lastly, this research suggests that the 'education and training' and the 'entrepreneurial culture' be the supportive norm for new business regardless of the economic development level.