• 사회경제평론
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• v.31 no.1
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• pp.63-105
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• 2018

Keynes proposed revolutionary claims in his General Theory that the capitalist economy have the following characteristics: unemployment is general, unemployment could not be automatically restored, business cycle and crisis are inherent in the capitalist economy. Hicks refuted Keynes that unemployment is a special case of depression, and Modigliani argued that it is only valid under a particular assumption of wage rigidity. Also, Pigou and Patinkin contended that unemployment can be automatically recovered in the flexible wages and prices system. These refutations have made the revolutionary reforms appeared in Keynes's General Theory to decline. However, their claims did not correctly interpret Keynes's theories, nor effectively refute them. They interpreted Keynes narrowly within the framework of the classical tradition and refuted Keynes using the claims of the classics. The revolutionary nature of Keynes's General Theory could be not undermined by their refutation, but rather may be more useful in analyzing today's economic reality.

• 사회경제평론
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• no.38
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• pp.199-240
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• 2012

According to the Post Keynesian endogenous money theory, money is created by the bank deposit which is dependent on the banks' supply of loan. And the demand for loans is dependent on investment by firms. In the money creating process, real value(or investment) and money are connected with banks' credit. In this paper, we investigated Keynes and Post Keynesian endogenous money theory with critical reviews of Hwang (2005). We came to three conclusions. First, Post Keynesian endogenous money theory is based on Keynes' theory. Second, Keynes' endogeneity of money is essentially different from that of Wicksellian. Third, focusing on the differences of the starting point of the arguments not on the conclusions, two Post Keynesian views, namely horizontalists and structuralists are compatible with liquidity preference theory in the Keynes' system.

• International Journal of Automotive Technology
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• v.3 no.1
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• pp.1-8
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• 2002

There is Increasing world-wide interest in diesel particulate filters (DPF) because of their proven effectiveness in reducing exhaust smoke and particulate emissions. Fine particulates have been linked to human health . DPF use requires a means to secure the bum-out of the accumulated soot, a process called regeneration. If this is not achieved, the engine cannot continue to operate. A number of techniques are available, but most are complex, expensive or have a high electrical demand. The use of fuel additives to catalyse soot bum-out potentially solves the problem of securing regeneration reliably and at low cost. Work on organo-metallic fuel additives has shown that certain metals combine to glove exceptional regeneration performance. Best performance was achieved with a combination of iron and strontium based compounds. Tests were carried out un a bed engine and on road vehicles, which demonstrated effective and reliable regeneration from a tow dose fuel additive, using a single passive DPF. No control valves, flow diverters. heaters or other devices were employed to assist regeneration. Independent particle size measurements showed that there were no harmful side effects from the use of the iron-strontium fuel additive.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.10
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• pp.39-48
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• 2022

This research aims to investigate the application of Keynes's theory in Indonesia, particularly in solving unemployment and poverty problems through government spending, economic growth, and human resource capacity. The basic concepts of the Keynesian theory were used as a method, through which government spending was harnessed toward economic growth in reducing unemployment and poverty rate. The analytical materials used were panel data for the 2017-2021 period in Central Java, Indonesia. The analytical methodology used was a multiple regression experimental design in selecting the best model according to Keynes's theory, especially for overcoming formidable problems. The main results showed that large Government spending program is ineffective in encouraging pro-growth, pro-job, pro-poor, and pro-equity development policy strategies. The causes of this failure include the violation of Keynes' assumptions about rationality and the low quality of education investment, which do not encourage productive and innovative entrepreneurship, as well as self-employment opportunities. As a result, government spending, including subsidies and direct financial assistance, used to implement the macroeconomic monetary, unstructured, and fiscal policy system is insufficient to significantly reduce the enormous difficulties. The main research results confirm that human capital capacity is the key to mitigating and reducing unemployment and poverty.

• East Asian Economic Review
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• v.17 no.2
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• pp.161-206
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• 2013

Since the global financial crisis in 2008, the world economy has been suffering from the Great Recession characterized by high and persistent unemployment as well as drastic fall in asset prices. Real business cycle theory or new-Keynesian economics which has been the dominant paradigm in macroeconomics for the last four decades is unable to explain the high and persistent unemployment during the Great Recession. This implies that the economics of Keynes should be taken seriously again as a tool to explain the Great Recession. Farmer (2012) proposes a new way of interpreting the economics of Keynes by providing it with a solid micro-foundation based on labor markets with search. According to Farmer (2012), aggregate economic activity independently depends on the long-term self-fulfilling expectations about the stock prices. As a consequence, the government or the central bank should implement a policy that influences the public's confidence about the stock market. For an open economy like the Korean economy, it is not only stock price but also the price of asset such as house that matters more for the aggregate economic activity. Households in the Korean economy hold more than 70 percent of their wealth in the form of real estate asset, especially housing asset. This makes the public's confidence about the future prices of houses even more important in explaining the business cycles of the Korean economy. Policymakers should implement policies to improve the confidence of households about the housing market to recover from the recession caused by a fall in house prices. Little theoretical work has been done in explaining fluctuations in the aggregate economic activity from the point of house prices. This paper develops a small open economy model with traded and non-traded capital based on Farmer (2012) and shows that the aggregate economic activity also independently depends on the households' self-fulfilling expectations about the future prices of non-traded asset such as houses.

• Journal of the Korean Society for Library and Information Science
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• v.44 no.2
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• pp.381-403
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• 2010

It was considered that the construction of new towns between the late 1940s and the early 1990s affected the increase of the number of public libraries in the U.K. Many new towns are being built in Korea. This is a very good chance to build more public libraries in Korea. This study selected and examined Milton Keynes which is one of the best new towns in the U.K. to see how the public libraries were built in the new town. It was revealed that the plan of building public libraries was included in the new town plan and public libraries were built according to these plans.

• Journal of Digital Convergence
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• v.1 no.1
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• pp.255-282
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• 2003

This study shows how much the local college influences the local economy using the Keynes Model, which is evaluated as the basic of macro economics. The methods of research are economic measurement and empirical study being used questionnaire study. First of all, the result being used Keynes model shows that the local economy has been grown by the students of "D" university from 1994 to 2002, which is approximately more than 100 billion won a year. The amount is more than 15-30% among the gross income in "S" city. Next, the survey was carried out making the students of "D" university and villagers an object of it, which is especially a comparative study between "D" university and "K" university nearby "S" city. The result is as the follows; the influence of the two universities towards local economy is almost same, but the villagers in "S" city underestimate the valuable. In the result, the shortage of understanding about the importance of local college would cause obstructing not only the potential ability of local college, eventually, but also the development of the region.

• Proceedings of the Safety Management and Science Conference
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• 2007.11a
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• pp.503-516
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• 2007

USA has distinct differences of economic policy by a ruling party. And, USA economy has mainly influenced on it of Korea. So, we examine whether a ruling party of Korea has different regime including rate of return in stock market. The Republican Party and Democratic Party have based on Milton Friedman and Keynes economy at each other's economic policy in the USA The Republican Party and Democratic Party have different interest level and excess return on equity, GDP growth rate, unemployment rate. Also, a ruling party of Korea has different regime and economic activity in this paper.

• Korea journal of population studies
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• v.8 no.2
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• pp.30-45
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• 1985

The "Dismal Theorem" (Essay) of Maithus is juxtaposed to the utopianism of both Marquis de Condorcet and of William Godwin who believed in the perfectibility of man and of the greater power of civilization over that of population. The socio-political environment that gave birth to the neo-Maltbusianism and of the economic Malthusianism is briefly sketched on, along with the discrepancy between the early theories (1978) of Malthus and the later Malthusian theory; nemely, the biological population principles of his early period runs head-on into his theory of effective demand and underconsumption. Malthus belonged to both the anti-Ricardian and the Ricardian classical tradition, and his attempt to reconcile the anomalies was not very satisfactory. Karl Marx criticized Malthus for his incon-sistent radical conservative theory of population and John Maynard Keynes came to the rescue of this Maltbusian dilemma in the 1930's, with but a morsel of success.f success.

• Journal of Applied Tourism Food and Beverage Management and Research
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• v.8
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• pp.89-121
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• 1997

Many of the measures and policies advocated by supply-siders, such as lower taxation, less government intervention, more freedom from restrictive legislation and regulation, and the need for increased productivity can be found in writing the classical economist. Nor is supply-side economics a complete divorcement from Keynesian analysis. In both camps the objectives are the same-high level employment, stable prices and healthy economic growth, the means or suggestions for attaining the objectives, however, differ. Consequently, recommended economic policies and measures are different. keynesians rely primarily on the manipulation of effective demand to increase output and employment and to combat inflation. They assume ample resources to be available in order that supply will respond to demand. The supply-siders emphasize the need to increase savings, investment, productivity and output as a means of increasing income. Supply-siders assume that the increase in income will lead to an increase in effective demand. Keynesians suggest that savings, particularly those not invested, dampen economic activity. Supply-siders hold that savings, or at least an increase in after-tax income, stimulates work effort and provides funds for investment. Perhaps keynesians are guilty of assuming that most savings are not going to be invested, whereas supply-siders may erroneously assume that almost all savings will flow into investment and/ or stimulate work effort. In reality, a middle ground is possible. The supply-siders stress the need to increase supply, but Keynes did not preclude the possibility of increasing economic activity by working through the supply side. According to Keynes' aggregate demand-aggregate supply framework, a decrease in supply will increase output and employment. It must be remembered, however, that Keynes' aggregate supply is really a price. Lowering the price or cost of supply would there by result in higher profit and/ or higher output. This coincides with the viewpoint of supply-siders who want to lower the cost of production via various means for the purpose of increasing supply. Then, too, some of the means, such as tax cuts, tax credits and accelerated depreciation, recommended by suply-siders to increase productivity and output would be favored by Keynesians also as a means of increasing investment, curbing costs, and increasing effective demand. In fact, these very measures were used in the early 1960s in the United State during the years when nagging unemployment was plaguing the economy. Keynesians disagree with the supply-siders' proposals to reduce transfer payments and slow down the process of income redistribution, except in full employment inflationary periods. Keynesians likewise disagree with tax measures that favored business as opposed to individuals and the notion of shifting the base of personal taxation away from income and toward spending. A frequent criticism levied at supply-side economics is that it lacks adequate models and thus far has not been quantified to any great extent. But, it should be remembered that Keynesian economics originally was lacking in models and based on a number of unproved assumptions, such as, the stability of the consumption function with its declining marginal propensity to consume. Just as the economic catastrophe of the great depression of the 1930s paved the way for the application of Keynesian or demand-side policies, perhaps the frustrating and restless conditions of the 1970s and 1980s is an open invitation for the application of supply-side policies. If so, the 1980s and 1990s may prove to be the testing era for the supply-side theories. By the end of 1990s we should have better supply-side models and know much more about the effectiveness of supply-side policies. By that time, also, supply-side thinking may be more crystallized and we will learn whether it is something temporary that will fade away, be widely accepted as the new economics replacing Keynesian demand analysis, or something to be continued but melded or fused with demand management.