• ETRI Journal
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• v.20 no.1
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• pp.55-73
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• 1998

In this paper we analyze the technological accumulation processes in the Korean semiconductor industry from the institutional approach. Institutional approach, which is closely connected with Neo-Schumpeterian tradition, has emerged as an alternative theoretical framework to neoclassical approach to understand the process of producing technological knowledge. Traditional wisdom of neoclassical approach revealed the limitation to explain the complex nature of knowledge creation and diffusion. US patent data are analyzed in terms of the increasing trend of numbers and its content to measure the rate and direction of technological capability accumulation. This analysis shows that semiconductor technologies are one of the fastest growing fields among Korean technological activities. Moreover, the analysis of patent content suggests that fabrication technologies are the most important area within the technological development of semiconductors, whilst circuit design and testing technologies are beginning to increase in significance. In addition, it is examined how private sectors and public institutions have contributed to generate technological capabilities, and the relationship between them has been changed during the development processes. It is found that Korean firms enhanced their technological capabilities from the learning and assimilation of imported technology to enhanced in-house R&D capabilities in the later stage. The support of public institution and government policy also played significant role to this successful transformation in conjunction with vigorous R&D investment of public sector.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.593-604
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• 2020

This study analyzes human development convergence and the impact of funds transfer to the regions using σ and β-convergence analysis method. Observations were made in all Indonesia's provinces in the period 2010-2019. The coefficient of variation calculation shows a dispersion in the inequality of human development, which means that convergence occurred. This is also documented by the clustering analysis results developed in the study. The results are in line with the hypothesis of neoclassical theory, which shows the tendency for provinces with lower human development levels to grow relatively faster. The dynamic panel data approach with the GMM model shows that a model built with explanatory variables for transfer of funds to regions may lead to the process of convergence of human development - 2.21% per year or 31 years to cover the half-life of convergence. This is a consequence of the Special Allocation Fund and the Village Fund, which positively impact the convergence process, and the General Allocation Fund and the Revenue Sharing Fund with negative signs slowing the convergence process. This evidence opens opportunities to review the justification of the weighting component in determining the amount of funds transferred to the region to accelerate the convergence process of human development.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.13-19
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• 2021

To provide empirical evidence on the impact of export instability on economic growth in developing countries, this study estimated the neoclassical production function using data of the Jordanian economy for the period 1995-2019. Real exports, real capital, and export instability were the independent variables in the production function. To determine the appropriate methodology for estimating the production function, the study conducted some preliminary tests, including the Augmented-Dickey Fuller (ADF), on the study data. The results of this test indicated that all study variables were stationary at first difference. Therefore, the Johanson cointegration test was applied to determine that there was cointegration between the study variables since the results of the former test indicated that there was one cointegration vector between these variables. The cointegration equation revealed a positive and statistically significant impact of real capital, real exports, and an indicator of export instability on economic growth. The most important policy implications for these results would be reducing the geographical concentration of exports through the expansion of free trade agreements (FTA) to enhance the positive impact of the instability of exports on economic growth. Moreover, the study recommends strengthening export-oriented actions to achieve higher levels of economic growth.

• Journal of Labour Economics
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• v.40 no.3
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• pp.105-131
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• 2017

This study analyses the effect of a minimum wage on employment by using the government's progressiveness as an instrumental variable. The Ordinary Least Squares regression (OLS) can result in upward biased employment effect due to the endogeneity among variables. Therefore, it is necessary to analyse the casuality that removed endogeneity between variables by using proper instrumental variables. The analysis using instrumental variable shows that the growth of the increasing rate of the minimum wage reduces employment. The negative effect of employment depending on the increase of minimum wage corresponds with the predictions of Neoclassical Economics.

• Korean journal of communication and information
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• v.45
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• pp.7-48
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• 2009

The recent crises of Marxism do not mean Marx’s crisis. Marx said that he was not a Marxist. The purposes of this essay explore (1) the modern identity of the political economy; (2) the possibilities of mutual understanding between neoclassical economics and Marxist economics; (3) problems of the political economy in media and communication industry. I have begged for analytical Marxists, because of their good fruits. They accepted the methods of modern social science and they constituted a tremendous advance in the application of the scientific methods to the study of society. In insisting on micro-foundations(methodological individualism), analytical Marxism distinguished itself from structuralism and functionalism. I appreciate that analytical Marxism has reduced a theory to practice. But the works didn’t listen to everyone(from Marxists to un-Marxists), and explain everything. Making theory with production/consumption, macro/micro, and structure/behavior is a road to the political economy in the long run. It also applies to media and communication industry. The realm of media/communication is broad, which in philosophy, humanities, politics, economics, sociology, and engineering. And media policy is more complicated by politicians who look at the same situation from different angles. By the aid of interdisciplinary research, the political economy of media/communication shall explain at full length.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.33-42
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• 2020

The neoclassical economic supporters have suggested that foreign direct investment and raw material (e.g., coal, electricity, gas, and oil) are critical economic growth inputs. Few previous studies have analyzed the relationship between foreign direct investment and energy consumption on economic growth. However, existing studies usually have applied the frequentist inference. The limitation of the frequentist inference is that, if the coefficient of the independent variable is not yet significant, then conclusions might be unreliable. By applying the Bayesian approach, the main aim of this study is to revisit the impact of foreign direct investment, electricity consumption, and urbanization on economic growth in six ASEAN countries from 1980 to 2016. The obtained outcome shows that the impact of electricity consumption is evident and positive on economic growth in both frequentist and Bayesian inferences. However, the influence of foreign direct investment is not identified by frequentist inference, while Bayesian inference provides evidence that foreign direct investment is a moderately positive impact on economic growth. The empirical result from Bayesian inference contributes to the literature on foreign direct investment modeling and could be of significant importance for a more efficient foreign direct investment attracting and achieve sustainability in the long-term.

• Journal of the Korean Geographical Society
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• v.32 no.1
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• pp.47-68
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• 1997

The purpose of this study is to clarify both the characteristics of the spatial variations and structure and the logic of spatial differentiation of the renter farming in Korea. The renter farming has transformed its spatial structure from zonal to Thunen's rings-like pattern. This study also suggests that the spatial characteristics of the renter farming has been changed from the ecological and the tenantable to the economical and commercial. Although there is no single logic full explanation the order of such spatial differentiations, the logic of industrialization or neoclassical economics seems to be most effective.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.241-248
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• 2011

Past theories on construction price formation have been shown to be inadequate in terms of their ability to represent real-life industry practice and price formation predictability. In this paper, we develop a theoretical framework on construction price formation that integrates four theories within the domains of marketing, learning, resource management and economics. These are: (i) marketing pricing theory; (ii) experiential and organisational learning theory; (iii) resourced based theory and (iv) microeconomic theory. Utilising pricing theory from marketing, a foundation is able to be created for the procedure of construction price formation, namely: (i) identifying the objectives; (ii) assessing the tendering environment; and (iii) formation of the price. However, understanding contractors' decision making process in tender pricing as such can be attributed to theories of experiential learning and consequently organisational learning. It is argued that contractors do learn from past experience and history and are able to adapt to different market conditions. In formation of the price, neoclassical microeconomics is able to provide additional insight in terms of the supply and demand model and consideration of the market conditions. Interrelated with the microeconomic concept of scarcity, we appreciate that contractors do have limited resources that affect their tender pricing decisions and resource based theory is used to substantiate this. Integrating the various theories as a unity allows the broader reality to be visualised and add to our theoretical understanding of construction price formation.

• Environmental and Resource Economics Review
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• v.19 no.2
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• pp.215-242
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• 2010

This study constructs a bayesian neoclassical DSGE model that applies oil usage. The model includes technology shocks, oil price shocks, and shocks to energy policies as exogenous driving forces. First, this study aims to analyze the roles of these exogenous shocks in the Korean business cycle. Second, this study examines the effects of long-term changes in the energy consumption structure, including the reduction in oil use as a share of energy consumption and improvement in oil efficiency. In the case of oil price shocks, results show that these shocks exert recessionary pressure on the economy in line with those obtained in the previous literature. On the other hand, shocks to energy policies, which reduce oil consumption per capital, result in opposite consequences to oil price shocks, decreasing oil consumption. Also, counterfactual exercises show that long-term changes in the energy consumption structure would mitigate the contractionary effects of oil price shocks.

• 사회경제평론
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• v.29 no.1
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• pp.1-29
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• 2016

This paper looks critically, in the light of the Capital Controversies of the 1950s and the 1960s, at the Neoclassical claim that the Funded-Pension system is economically superior to the Pay-As-You-Go (PAYG) pension system. This claim rests crucially upon the inverse relation between the rate of interest and the volume of investment (the investment demand function) and the positive relation between the capital intensity and labour productivity (the 'intensive- form' production function), The Capital Controversies proved that the two relations do not always hold; then, the claim in question loses much of its ground. Further, the absensce of the relations makes plenty room for effective demand in determining the level of income and the volome of employment even in the long period. This positive role of effective demand in the long period highlights the problems of the Funded-Pension system and, at the same time, supports the competitiveness of the PAYG pension system.