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

• Journal of Digital Convergence
• /
• v.19 no.5
• /
• pp.47-55
• /
• 2021

Firstly, our Technical and Vocational Education and Training(TVET) ODA currently uses 70% of its budget on short-term assistance project works without much consideration for continuity from one project to another. Secondly, TVET ODA budget is much too concentrated on hardware support, lowering impact compared to the amount invested. Lastly, there is a lack of research on the needs of recipient nation which leads to lowering effectiveness of TVET ODA. This Study analyzed the characteristics of Korea's TVET ODA through the statistical data analysis of ODA. This study's main focus is to recommend methods for Korean colleges to overcome tendencies and limitations of TVET within Korea's ODA. Colleges have advantages in training students to fit needs of the market and companies based on decades of experience colleges have on academic-industrial collaboration. Colleges can also transfer qualification verification systems to fit the recipient country and dispatch TVET related personnel to strengthen software support. Additionally, the post project evaluation and post job placement management capabilities of colleges can be actively used for post management of TVET projects. I hope that through this study, ways to increase participation of colleges in TVET ODA can be discussed in more variety.

• Journal of the Korea Society of Computer and Information
• /
• v.26 no.3
• /
• pp.155-165
• /
• 2021

The measures to extend local education autonomy are as follows: First, it is necessary to correct the confusion of the legal system of the local education autonomy system. For this, Article 12, Paragraph 2 and 4 of the 「Special Act on Local Autonomy and Decentralization, and Restructuring of Local Administrative Systems」 which state that "The State shall endeavor to consolidate systems for autonomy in education and local government" and "The implementation of autonomy in education and the autonomous police system shall be prescribed separately by Acts" should be deleted. Second, it is necessary to clarify unnecessary legal matters and regulatory measures for unification at the national level and to proactively consider the introduction of the legal trust system, in which education affairs are designated as local governments' own work and the state carries out specific affairs. The decentralization of local education finance is a key factor for the development of local education autonomy, and it requires the transfer of authority and resources to the region, and the enhancement of local autonomy and corresponding responsibility. First, the ratio of special grants must be adjusted further (from 3% to 2%) or the ratio of national policy projects must be lowered. Second, the provision that requires a consultation with a mayor/governor when making a budget covered by transfers from general accounts should be deleted. Third, it is necessary to remove the elements that limit the authority of city and provincial councils. Fourth, it is necessary to integrate the national education tax and the local education tax to create the education autonomy tax (tentative name) for only one independent purpose. Fifth, it is necessary to strengthen the distribution of the total amount of grants and abolish the settlement regulations for the measurement items of standard financial demand. Sixth is the expansion of the participation of stakeholders and experts in the grant distribution process. Seventh, it is necessary to establish a long-term employment system by designating the education finance field as a special field. Eight is the expansion of cooperative governance.

• Korean Journal of Construction Engineering and Management
• /
• v.19 no.2
• /
• pp.96-106
• /
• 2018

The government adopted activation policy of real estate to overcome low economic growth rate. Real estate activation plan adopted by the government raised credit limit by lowering the regulation, and reduced real estate investment cost by reducing the base rate. Also, delayed transfer tax on multi-house owner to activate real estate investment and resolved purchase right resale. Relief of real estate regulate caused increase of housing sales and price increase, and the real estate market changed to overheating aspect such as premium upon completion of lot sale in a short time. Such market atmosphere greatly increased household debs as owners own houses based on 'financial debt' instead of their income. Since 2017, real estate policy was reinforced to reduce household debts and lending rate was raised due to rise of base rate, accordingly, burden of household debt is expected to increase. This research suggested a plan for the Financial Supervisory Service to efficiently manage the financial world by analyzing the cause and problem of household debs.

• Journal of Korea Trade
• /
• v.25 no.1
• /
• pp.152-168
• /
• 2021

Purpose - This paper has an objective to suggest reasonable criteria in choosing Incoterms 2020 rules for efficient and effective logistics management in that the Incoterms rules affect not only the rights and obligations of the parties to the sales contract but also the control and management of logistics system and transaction costs in the transaction. Design/methodology - An analysis of the various factors is needed to assess the positive or negative impact on global value chain in choosing Incoterms rules from a total logistics view. This study analyzes the impact of which the content of individual incoterms rules can have on the operation of international logistics systems under the global value chain from a strategic perspective to suggest reasonable criteria for selection of Incoterms rules depending on the transaction situation. Findings - Results of this study shows that consideration of various aspects which includes the characteristics of the products, logistics capabilities, infrastructure, transaction volume, operational cost, customs regulations, tax and accounting should be reflected in choosing the appropriate Incoterms rules. Therefore, in order to minimize the total cost and improve logistics performance, it may be helpful to develop a decision support model which allows users to select appropriate Incoterms rules based on various influencing factors. Originality/value - This Study is different from previous research which has mainly focused on the rights and obligations of the parties to the transaction regarding the transfer of risks and costs under the Incoterms. In addition, this study has significance in that it provides implications for export and import companies that can be able to use Incoterms as a strategic tool to efficiently manage the global value chain and improve supply chain performance.

• Korea Trade Review
• /
• v.41 no.5
• /
• pp.89-111
• /
• 2016

The Mega-FTA is intended for emerging economies, including developed economies, to expand economies of scale in a single market. The Bilateral FTA shall take into account the relevant industries and the inter-country related industries to adjust the origin standard and preferential tariff rates. Therefore, certain competitive industries can expect foreign investment and re-investment in the domestic market as well as expansion of the market in the region. However, the mega-FTA should expand the size of the economy under the same preferential tax rates for many Partner countries. The Mega-FTA can maximize the effectiveness of the agreement by making use of the competitive advantages of the participating countries. In the mega-FTA, Cumulative Criteria should be appropriately used as a supplemental standard of origin. The Cumulative Criteria is an important FTA utilization factor that determines the success of the mega-FTA. Using FTA, Korea should export locally produced materials using cheaper labor force in FTA partner country. In addition, in order to prepare the Mega-FTA, which allows full cumulation, it is necessary to encourage the overseas transfer of low-cost structure materials processing industry so that the material suppliers can be transferred to the area where production cost is lower and raw material supply is easier.

• KDI Journal of Economic Policy
• /
• v.14 no.1
• /
• pp.191-212
• /
• 1992

This paper discusses the role of money in the process of capital accumulation where financial markets are impeded by contract enforcement problems in the context of overlapping generations framework. In particular, in less developed countries (LDCs) creditors may know little about the repayment capability of potential debtors due to incomplete information so that financial instruments other than money may not acceptable to them. In this paper the impediments to the operation of the private finanical markets are explicitly modelled. We argue that creditors cannot observe actual investment decisions made by the potential borrowers, and as a result, loan contracts may not be fully enforceable. Therefore, a laissez-faire regime may fail to provide the economy with the appropriate financial instruments. Under these circumstances, we introduce a government operated discount window (DW) that acts as an open market buyer of private debt. This theoretical structure represents the practice of governments of many LDCs to provide loans (typically at subsidized interest rates) to preferred borrowers either directly or indirectly through the commercial banking system. It is shown that the DW can substantially overcome impediments to trade which are caused by the credit market failure. An appropriate supply of the DW loan enables producers to purchase the resources they cannot obtain through direct transactions in the credit market. This result obtains even if the DW is subject to the same enforcement constraint that is responsible for the market failure. Thus, the DW intervention implies higher investment and output. However, the operation of the DW may cause inflation. Furthermore, the provision of cheap loans through the DW results in a worse income distribution. Therefore, there is room for welfare enhancing schemes that utilize the higher output to develop. We demonstrate that adequate lump sum taxes-cum-transfers along with the operation of the DW can support an allocation that is Pareto superior to the laissez-faire equilibrium allocation.

• Korean Journal of Social Welfare
• /
• v.68 no.4
• /
• pp.53-74
• /
• 2016

In this study, to verify influence that economic situations of a household unit have on donation behavior, after economic situations of a household unit were measured with income and assets by type and income to assets, effect which each variable has on secular giving was verified. This study used 3-year panel data of a total of 4,938 households based on the fifth to seventh year data as investigation data from 2012 to 2014 among data of financial panel investigation of Korea Institute of Public Finance of National Survey of Tax and Benefit. As an analysis method, a random effect tobit model was used. At the analysis result, it appeared that as scales of financial assets, earned income, property income, and transfer income become larger, the amount of donation increased. Also, it was represented that rates of income to assets had negative influence on secular giving. In case of demographic variables, education levels of householders and sizes of houses had relation of a positive direction. In case of ages, it appeared that they had inverted U-type relation. This study has meanings in that understanding of donation behavior of a household unit can be increased and expanded more and also implications related to intervention strategies of a household unit to expand sharing culture can be extracted by verifying influence which economic factors of a household unit have on donation behavior based on panel data.

• The Korean Society of Law and Medicine
• /
• v.10 no.2
• /
• pp.455-492
• /
• 2009

(Background) Recent biotechnological breakthroughs are shedding new lights on various ethical and legal issues about human biological material. Since Rudolph Virchow, a German pathologist, had founded the medical discipline of cellular pathology, issues centering around human biological materials began to draw attention. The issues involving human biological materials were revisited with more attention along with series concerns when the human genome map was finally completed. Recently, with researches on human genes and bioengineering reaping enormous commercial values in the form of material patent, such changes require a society to reassess the present and future status of human tissue within the legal system. This in turn gave rise to a heated debate over how to protect the rights of material donors: property rule vs. no property rule. (Debate and Cases) Property rule recognizes the donors' property rights on human biological materials. Thus, donors can claim real action if there were any bleach of informed consent or a donation contract. Donors can also claim damages to the responsible party when there is an infringement of property rights. Some even uphold the concept of material patents overtaking. From the viewpoint of no property rule, human biological materials are objects separated from donors. Thus, a recipient or a third party will be held liable if there were any infringement of donor's human rights. Human biological materials should not be commercially traded and a patent based on a human biological materials research does not belong to the donor of the tissues used during the course of research. In the US, two courts, Moore v. Regents of the University of California, and Greenberg v. Miami Children's Hospital Research Institute, Inc., have already decided that research participants retain no ownership of the biological specimens they contribute to medical research. Significantly, both Moore and Greenberg cases found that the researcher had parted with all ownership rights in the tissue samples when they donated them to the institutions, even though there was no provision in the informed consent forms stating either that the participants donated their tissue or waived their rights to ownership of the tissue. These rulings were led to huge controversy over property rights on human tissues. This research supports no property rule on the ground that it can protect the human dignity and prevent humans from objectification and commercialization. Human biological materials are already parted from human bodies and should be treated differently from the engineering and researches of those materials. Donors do not retain any ownership. (Suggestions) No property rule requires a legal breakthrough in the US in terms of donors' rights protection due to the absence of punitive damages provisions. The Donor rights issue on human biological material can be addressed through prospective legislation or tax policies, price control over patent products, and wider coverage of medical insurance. (Conclusions) Amid growing awareness over commercial values of human biological materials, no property rule should be adopted in order to protect human dignity but not without revamping legal provisions. The donors' rights issue in material patents requires prospective legislation based on current uncertainties. Also should be sought are solutions in the social context and all these discussions should be based on sound medical ethics of both medical staffs and researchers.

• Journal of the Korea Society of Computer and Information
• /
• v.25 no.4
• /
• pp.165-172
• /
• 2020

In this paper we propose an uses on-device-based edge computing technology and big data analysis methods through the use of on-device-based edge computing technology and analysis of big data, which are distributed computing paradigms that introduce computations and storage devices where necessary to solve problems such as transmission delays that occur when data is transmitted to central centers and processed in current general smart factories. However, even if edge computing-based technology is applied in practice, the increase in devices on the network edge will result in large amounts of data being transferred to the data center, resulting in the network band reaching its limits, which, despite the improvement of network technology, does not guarantee acceptable transfer speeds and response times, which are critical requirements for many applications. It provides the basis for developing into an AI-based facility prediction conservation analysis tool that can apply deep learning suitable for big data in the future by supporting intelligent facility management that can support productivity growth through research that can be applied to the field of facility preservation and smart factory industry with integrated hardware technology that can accommodate these requirements and factory management and control technology.