• KDI Journal of Economic Policy
• /
• v.43 no.4
• /
• pp.45-67
• /
• 2021

We analyze the social welfare effect when a policy-based financial system (PFS) enters a decentralized financial market. Particularly, the PFS in this case supports the interest spread for corporate loans held by firms with heterogeneous bankruptcy decisions under an imperfect information structure. Although support for capital costs through the PFS expands the economy consistently, the optimal level of PFS out of the corporate loan market is estimated to be 8.6% by a simulation model considering social welfare adjusted by the disutility of labor. This result is much lower than the recent level of PFS in the Korean financial sector.

• KDI Journal of Economic Policy
• /
• v.30 no.1
• /
• pp.171-209
• /
• 2008

The Great Depression is one of the most important economic incidents in the twentieth century. A significant and long-lasting impact of this event is the rise of the government intervention to the economy. Under the catastrophic downturn of the economic condition worldwide, people required their government to play an active role for economic recovery, and this $mentalit{\acute{e}}$ prolonged even after the Second World War. Social science textbooks taught at Korean high schools mostly referred to the Great Depression for explaining the reason of government intervention in economy. However, the mainstream view commonly found in the textbooks provides a misleading theological interpretation. It argues that inherent flaws of the market economy causes over-production/under-consumption, and that this mismatch ends up with economic crisis. The chaotic situation was resolved by substitution of the governments for the market, and the New Deal was introduced as the monumental example ('laissez-faire economy ${\rightarrow}$over-production${\rightarrow}$the Great Depression${\rightarrow}$government intervention${\rightarrow}$economic recovery'). Based on economic historians' researches for past three decades, I argue that this mainstream view commits the fallacy of ex-post justification. Unlike what the mainstream view claims, the Great Depression was neither the result of the 'market failure', nor the recovery from the Great Depression but was due to successful government policies. For substantiating this claim, I suggest three points. First, blaming the weakness or instability of the market economy as the cause of the Great Depression is groundless. Unlike what the textbooks describe, the rise of the U.S. stock price during the 1920s cannot be said as a bubble, and there was no sign of under-consumption during the 1920s. On the contrary, a new consensus emerging from the 1980s among economic historians illustrates that the Great Depression was originated from 'the government failure' rather than from the 'market failure'. Policymakers of European countries tried to return to the gold standard regime before the First World War, but discrepancies between this policy and the reality made the world economy vulnerable. Second, the mainstream view identifies the New Deal as Keynesian interventionism and glorifies it for saving the U.S. economy from the crisis. However, this argument is not true. The New Deal was not Keynesian at all. What the U.S. government actually tried was not macroeconomic stabilization but price and quantity control. In addition, New Deal did not brought about economic recovery that people generally believe. Even after the New Deal, industrial production or employment level remained quite low until the late 1930s. Lastly, studies on individual New Deal policies show that they did not work as they were intended. For example, the National Industrial Recovery Act increased unemployment, and the Agricultural Adjustment Act expelled tenants from their land. Third, the mainstream view characterizes the economic order before the Great Depression as laissez-faire, and it tends to attribute all the vice during the Industrial Revolution era to the uncontrolled market economy. However, historical studies show that various economic and social problems of the Industrial Revolution period such as inequality problems, child labor, or environmental problems cannot be simply ascribed to the problems of the market economy. In conclusion, the remedy for all these problems in high school textbooks is not to use the Great Depression as an example showing the weakness of the market economy. The Great Depression should be introduced simply as a historical momentum that had initiated the growth of government intervention. This reform of high school textbooks is imperative for enhancing the right understanding of economy and history.

• Journal of Korean Library and Information Science Society
• /
• v.49 no.3
• /
• pp.133-168
• /
• 2018

The study aims to present function and role of the library in the age of sharing economy. For this purpose, through theoretical discussion and review of the characteristics and benefits of the sharing economy, the potential and value of a sharing economy were analyzed and the role of libraries was compared and analyzed in terms of the value of a sharing economy. In this study, the values created from the sharing economy were divided into five categories: Economic value, Social value, Community value, Technical value, and Environmental value, showing that the potential value of a sharing economy is similar to the role, function and value of a library. Based on this, it presented a function and role to realize the sharing value of a library in the era of a sharing economy.

• Journal of the Economic Geographical Society of Korea
• /
• v.11 no.1
• /
• pp.24-44
• /
• 2008

Regulation theories has paid little attention to spatial regulation processes, while it has focused on economic and social regulation processes. More specifically, there have been little researches on regulationist approach to the transformation of the post-socialist system in the context of the space economy. Therefore, the article has attempted to conceptualize the transformation of space economy under the post-socialist system in the light of regulation theories. The space economy could be regarded as the foundation of the reproduction of social relations. Thus, the transformation of post-socialist system has led to the fundamental changes in enterprise and industrial networks as well as social relations in spatial contexts. In this perspective, the research has attempted to identify 'the mode of enterprise regulation' regarded as a codified firm networks by investigating intra-, inter- and extra-firm relations associated with the transformation of post-socialist system. Also, it has intended to suggest three types of the space economy - (1) disembedded economies based on the isolated networks and dissolution of pre-existing networks, (2) embedded economies based on the interaction of institutions and restructuring of networks, and (3) over-embedded economies based on the insulated institutions and endurance of pre-existing networks-in accordance with the governance, institution and networks in the post-socialist system.

• Korean Journal of Artificial Intelligence
• /
• v.7 no.2
• /
• pp.1-8
• /
• 2019

This paper, we argue that sector in terms of the creative industries the need to the institutional settle of the rent-a-driver business; the industry could create more than 200,000 jobs, the effect is to bring out the about 4 trillion underground economy and Can be interpreted industry, which contributes to reduce social costs, ranging from 1.7 trillion won to 5.7 trillion per year. Through institutionalization of policy should support. Observation and in-depth interviews were conducted with the law and the president of the rent-a-driver business company. The operating system should be improved. the rent-a-driver business, for the formulation of the work ethic and education is desperately needed. The effect socio-economic contribution effect of the rent-a-driver business industry can be summarized as follows. First, it is an industry that has an operating system utilizing state-of-the-art technology and equipment, and the convergence of creative industries to comply with the market. Second, the effect appears as an industry that creates jobs for the populace to replace the social security system, social safety net is considered as an industry. Third, this is an industry that can be self-reliant in the short term at least political support, the industry is considered in the industry to maximize the effectiveness and efficiency of the support policy.

• Knowledge Management Research
• /
• v.9 no.1
• /
• pp.77-96
• /
• 2008

The purpose of this study is to find the new model of successful social enterprise on the basis of local economy and industry in Korea. The trends and definitions of social enterprise were discussed first of all and community business model operated by civilians and members of a community was studied. The community business of local friendly type(LFT) was focused especially. Some factors of LFT are such as the solution of economic polarization and employment aggravation, the recovery of local community, the solution of local problem, and new method of labor contract. As the result of exploratory analysis on community business in Korea, Some distinctive features were showed that the majority of business was managed by local government, the outcomes of local community business were improvement of local income and creation of employment. Also, there were barriers such as finance, marketing, and lack of entrepreneurship. In conclusion, community business enterprise on the basis of local is effective to develop local economy and it should be owned by local civilians. In addition, long-term aims, entrepreneurship, and positiveness need for making of local society wealth.

• Journal of Digital Convergence
• /
• v.19 no.2
• /
• pp.133-141
• /
• 2021

Recently, the number of seniors who engage in social and economic activities through digital platforms is increasing. Through this, they are building new social networks or creating profits. Therefore, this study aimed to conduct an in-depth interview with 17 seniors who are engaged in social and economic activities on a digital platform. This study examined their motivation and experience in detail through in-depth interviews. As a result of the study, three subjects (motivation for participation, evaluation and performance of activities, and requirements for stable activities) were derived. The results of this study are predicted to contribute to preventing social isolation of seniors by mediating digital platforms in the future and inducing them to become subjects of the digital economy.

• Journal of the Korean Society of Clothing and Textiles
• /
• v.32 no.7
• /
• pp.1034-1045
• /
• 2008

The objectives of this study were to group female consumer types according to cosmetics benefits sought at online and off-line cosmetic shopping malls, and to investigate the differences in consumer values, cosmetic purchase behaviors, and demographic variables according to the consumer types. Subjects were 451 females residing in Seoul, of whom 212 were online shoppers and 239 were off-line shoppers. Five dimensions of cosmetics benefits sought were derived by factor analysis. These were functionality, economy, brand, fashion, and practicality. The female consumers were classified into four benefits sought types by cluster analysis of the five dimensions: T.1 'practicality sought type', T.2 'economy sought type', T.3 'brand function sought type', and T.4 'economic function sought type'. Economy sought consumers purchased cosmetics much more from online shopping malls than from off-line. The cosmetics expenses of practicality sought online consumers were low and many of them were in their 20's and middle-class. Economy sought online consumers preferred domestic brand, their cosmetics expenses were low, and many of them were career women. Practicality sought off-line consumers were high in independent value. Economy sought off-line consumers were low in independent value and social approval value, preferred domestic brand, and distributed more in college students than in career women. Brand function sought off-line consumers purchased cosmetics at department store and regarded social approval value as important. Economic function sought off-line consumers were distributed in middle-class and in diverse age range.

• 사회경제평론
• /
• v.31 no.1
• /
• pp.1-23
• /
• 2018

This study reviews articles published in the Review of Social & Economics Studies and presented at many research conferences organized by Korean Association for Political Economy(KAPE). The purpose of this review is to retrospect such research activities of KAPE and to make a step forward to relevant research on Korean Economy. Considering current economic depressions and the crisis of academic science in general, the responsibilities of researchers as a economist are heavier than ever. To break through these difficulties, we have to inspire and organize research activities at KAPE level above all things. At the individual level, we should attend objective analysis and propose alternatives to Korean economy in the lights of reform and progress viewpoint.

• STI Policy Review
• /
• v.6 no.1
• /
• pp.54-69
• /
• 2015

Although there is progress in developing green sectors in North America and East Asia, the key challenge facing the expansion of economy-wide green innovation and structural change in these regions is the absence of relevant policy follow-up to the green stimulus enacted during the Great Recession. The boost to green sectors provided by such measures is waning quickly, given that much of the green stimulus focused on energy efficiency. The biggest obstacles to sustaining green growth in North America and East Asiaare major market disincentives, especially the under-pricing of fossil fuels and market failures that inhibit green innovation. A three-part strategy to overcome these obstacles would involve: first, removing fossil fuel subsidies; second, employing market-based instruments to further reduce the social costs of fossil fuel use; and third, allocating any resulting revenue to public support for green innovation and investments. Such a strategy would ensure that green growth is not about promoting niche green sectors but instigating economy-wide innovation and structural transformation in North America and East Asia.