• KDI Journal of Economic Policy
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• v.36 no.1
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• pp.107-126
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• 2014

The core of the neoclassical growth theory is the capital investment. Solow proposed that the diminishing return is key to such growth process in establishing the stability of the equilibrium growth path. This key postulation has critical implications on the sustainable and effective development policies, emphasizing the importance of productivity growth not only for the steady-state growth but also for the transitional growth from capital accumulation. This paper suggests a novel way to test the diminishing return, the backbone assumption of Solow model, and confirms its strong presence using the Penn World Tables version 8.0 data, hence validates Solow's implications on effective development policies.

• Journal of Korea Technology Innovation Society
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• v.10 no.1
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• pp.47-72
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• 2007

Ideas do not become exhausted, and there are no diminishing returns in the creation of knowledge. Nonetheless, growth ultimately ceases in this simplest model of endogeneous innovation. The reasons are similar to those that are discussed in the context of the neoclassical model of capital accumulation. Even if the resource cost of creating new goods does not rise, the economic return to invention may decline as the number of available products increases. When the rate of return to R&D falls to the level of the discount rate, private agents cease to be willing to defer consumption in order to invest in product development. But, if we treat knowledge capital as a public capital considering of its non-appropriable benefits, economic growth can be sustained in the economy. Romer(1986) has pointed out that growth might be sustainable if the accumulation of knowledge is not subject to long-run diminishing returns. Actually Romer assumed diminishing returns in the production of private knowledge from available resources, but increasing returns in the production of output from labor and total (public and private) knowledge. His condition for the sustainability of long-run growth amounts to an assumption that the diminishing returns in the former activity do not outweigh the increasing returns in the latter. The Johansen(1988) cointegration test method is used for finding long-run equilibrium relationship between R&D input and the product innovation. Test results indicate the existence of cointegrating equation between each pair of regression variables including dependent variable in the knowledge production function. And, the signs of cointegrating vectors are well accord to the prediction of sustainable growth. In the empirical analysis, from all cases of the form for the knowledge production function, we could not reject the null hypothesis that R&D spillover effect is significant($H_{0}:\;{\gamma}=1$). In summary, we showed that considering goodness of fit of regression model, we can see that the empirical evidence is strongly in favor of the character of knowledge as the public knowledge capital. So, we can expect that by product innovation, economic growth can be sustained in the Korean economy.

• The Journal of Fisheries Business Administration
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• v.25 no.2
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• pp.115-145
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• 1994

The objetives of this study are to find the economic feasibility of the polyculture and to give the economic information of the polyculture for aquaculture fishermen. The polyculture is defined as the rearing of several species together to make more efficient use of the growing space and the total ground environment. The economic feasibility analysis in the polyculture involves the profitability, the productivity, and the risk reduction effect. The results of the economic feasibility analysis in the polyculture are as follows; First, in the profitability analysis, the solid utilization of ground in the polyculture is more profitable than the monoculture. The profitability owing to the plane utilization of the ground in the polyculture is positioned between those of the monoculture of each speices. Second, in the productivity analysis, oyster and sea squirt are diminishing returns to scale. Third, the variation on the average rate of return in the polyculture products is smaller than that of the monoculture. Finally, the result of comparison between the polyculture and the monoculture shows that the polyculture in coastal area is more profitable and more efficient than the monoculture. Most of cultivating species are selective in their diet Thus, stocking different kinds of cultivating species will efficiently utilize space and food It seems that polyculture is more appropriate for those species that live in different ecological niches. We think that the production per unit of ground can be increased, and the fixed cost per unit of output be reduced, so the polyculture is more profitable than the monoculture. Based on the above results, we concludes that the polyculture is economically feasible when profitability and productivity are increased and simultaneously the variation of average rate of return in the polyculture is smaller than that of the monoculture.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.20 no.44
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• pp.129-134
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• 1997

The purpose of this study is to estimate the distribution rate of R&D input on R&D output in major manufacturing industrial sector. The distribution rate is estimated on time-series data for the period 1980 to 1996. The data used in this study can be divided into the two categories. 1) R&D output data (Patent, Utility) 2) R&D input data (R&D expenditure, R&D workers) The raw data of R&D expenditure is transformed into R&D stock. And the specific production function is used to represent the interaction between R&D input and output. The production function shows the maximum rate of R&D output that can be achieved by certain given, technologically possible, R&D input combinations. The main findings can be summarized as follows. 1) There was a diminishing return between R&D input and output$(\alpha+\beta<1). 2) R&D output growth was more affected by R&D expenditures than R&D workers. 3) R&D workers were more contributed highly to Patent granted than Utility model.

• Asian-Australasian Journal of Animal Sciences
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• v.10 no.3
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• pp.265-273
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• 1997

The minimum amounts of leucaena (Leucaena leucocephala) required to improve the performance of cattle on a straw diet has been studied. Four levels of leucaena, namely 0 (0%), 2 kg (10%), 4 kg (18%) and 6 kg (27% of dietary dry matter intake) were supplied to 4 adult indigenous bulls ($355{\pm}21.5kg$ weight) fed rice straw alone, in a $4{\times}4$ latin square design. Measurements were made on intake, digestibility, N balance and microbial N yield. Up to 10% level of leucaena supplementation, there were no significant improvement on intake, digestibility, microbial N yield and N balance. Both straw and total dry matter intake showed diminishing return to increasing levels of leucaena supplementation and the maximum intake was observed at around 20% level. However, dietary N and digestible organic matter intake, the microbial N yield and the N balance increased linearly to the increasing levels of leucaena supplementation. On a rice straw based diet, the minimum level of leucaena required to improve the animal performance would probably be at around 20% of the dietary intake.

• Environmental Engineering Research
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• v.10 no.3
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• pp.105-111
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• 2005

The applicability of the USEPA's (United States Environmental Protection Agency) three criteria of enhanced coagulation (criterion 1-TOC level less than 2 mg/l. before chlorination; criterion II-% requirement of TOC removal; criterion III-point of diminishing return) for Korean waters was evaluated in this study. This study also investigated an effect of enhanced coagulation on turbidity removal, and attempted to identify the best coagulant for enhanced coagulation. Three different waters were used in this study: one river water and two lake waters. five different coagulants were used: alum, liquid alum, PACl, ferric chloride with and without water. Results of this study showed that all three criteria were achievable for the tested waters. For these waters, controlling criterion was found to be different depending upon raw water characteristics. When initial Toe level was low(< 4 mg/L), criterion I (< 2 mg/L) could be the controlling criterion. As TOC level increased, criterion II (% TOC removal) became the controlling criteria. It was possible to achieve different goals of turbidity and TOC removals. Although the optimum region of TOC removal was more acidic than that of turbidity removal, there was no conflict between these two removals. The best coagulant was found to be different depending upon the evaluation tool: maximum and optimum removal. ferric chloride was more effective than alum in terms of the maximum TOC removal, while Al-based coagulant such as alum or PACl was the best coagulant in terms of the optimum TOC removal.

• Journal of Korean Society of Water and Wastewater
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• v.21 no.6
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• pp.653-661
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• 2007

The Disinfectants/Disinfection By-products (D/DBP) Rule proposed by the US Environmental Protection Agency requires the implementation of enhanced coagulation as a control strategy for natural organic matter (NOM) removal and as a means of limiting the formation of all DBPs, i.e., not just the trihalomethanes and haloacetica acids. To control DBP formation, several best available technologies (BATs) were determined for removal of DBPs and DBP precursors. The enhanced coagulation is one of the BATs for DBP precursors removal. Treatment facilities that achieve a specified percent removal of total organic carbon (TOC) prior to the application of a continuous disinfectant or that achieve a residual TOC concentration < 2mg/L prior to the application of a continuous disinfectant are considered to be in compliance with enhanced coagulation. The enhanced coagulation was applied to raw water in Korea, the Han River. Raw water were examined and effects of different raw water qualities on enhanced coagulation were investigated. Three analyses were used for raw water characteristics, water quality measurement, molecular weight distributions, hydrophobic/hydrophilic fractionation. The Han River had the relatively low alkalinity and low organic carbon concentration. The results of molecular weight distributions showed significant portions of low molecular weight organics, which is very different from most water in USA. The alum doses for the required TOC removal guided from USEPA manual were quite low (i.e. 10~30 mg/L alum) for the water, probably due to the specific water quality of the Han River.

• International Area Studies Review
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• v.12 no.3
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• pp.153-169
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• 2008

This paper examines the recently empirical test for the two types of endogenous growth models, which one is more fitted to real data. We adopt the non-stationary panel data methodologies for seeking empirical implication by using productivity and R&D data in the OECD over the past two decades. The Empirical tests show that there is a robust relationship Total Factor Productivity and R&D variables implied by semi-endogenous growth model. The relationship suggested by fully endogenous growth theory, however, is sensitive to R&D variables. Therefore, the estimation results provide empirical evidence in favour of endogenous growth theory of R&D expenditure role for sustaining economic growth. The sustained Total Factor Productivity, however, is maintained by more increasing R&D inputs for overcoming diminishing return to R&D efforts.

• Journal of Intelligence and Information Systems
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• v.29 no.2
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• pp.1-22
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• 2023

Existing studies on mixed ratings that combine ESG ratings and credit ratings have been rare. Through meta-frontier analysis, this study examines the relationship between the prime and non-prime groups in ESG ratings, credit ratings, and mixed ratings that consider ESG ratings and credit ratings at the same time. Efficiency was compared. Meta-frontier analysis was used to compare the efficiency of 143 listed manufacturing companies in Korea between the prime and non-prime groups based on the ESG ratings assigned to them by KCGS and the credit ratings assigned by Korea's three major credit rating agencies. As a result of this study, first, the meta-efficiency of the prime mixed-grade group was statistically more efficient than the non-prime mixed-grade group under the variable return scale (VRS) assumption. Second, the prime ESG rating group had a relatively higher proportion of scale inefficiency than the non-prime ESG rating group. Third, in terms of economies of scale, the prime credit rating group had a higher proportion of diminishing returns to scale (DRS) than the non-prime credit rating group. This study will help companies interested in sustainability management to do ESG management.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.51 no.7
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• pp.571-583
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• 2006

To secure high yield and good quality of rice, plant growth and nitrogen (N) nutrition status should be taken into account for managing panicle N topdressing (PN). This research aimed at investigating the rice yield response to PN under different plant growth and N nutrition status that was conditioned by different rates of basal and tillering N fertilizer (BTN). Stepwise multiple regression (SMR) was used for the analysis of yield response to (i) BTN and PN, and (ii) shoot N content at PIS (BTNup) and shoot N uptake from PIS to harvest (PNup). Rice yield increased significantly as BTN and PN Increased, but there was no significant interaction between BTN and PN. Yield increased almost linearly with the increasing BTN and PN up to $10{\sim}12$ and $6{\sim}7\;kgN/10a$, and with the increasing BTNup and PNup up to $6{\sim}7$ and $5{\sim}6\;kgN/10a$, respectively. But yield increment tended to decrease above those levels. These declines resulted from the decreased ripened grain ratio and 1000 grain weight even though spikelet number per unit area increased more at above those N levels. Spikelet number per unit area had the linear relationships with the shoot N uptake until heading, and with yield. Like most yield response curves, yield response in this experiment followed the diminishing return function with BTNup, PNup, and plant N uptake from seeding to harvest. Regardless of the degree of BTNup and PNup, yield had a quadratic relationship ($R^{2}$>0.88) with whole shoot N accumulation until harvest, suggesting that the yield determination was closely related with the whole shoot N uptake until harvest regardless of the differences in seasonal shoot N uptake.