• 한국사회정책
• /
• v.25 no.3
• /
• pp.175-208
• /
• 2018

The purpose of this article is to evaluate Korea's income-led growth policy that is still in dispute. To do this, I discussed the content, background and implications of the income-led growth theory. Next, I discussed the role of income-led growth as a growth strategy in the Korean economy. The income-led growth theory comes from the Keynesian tradition which emphasizes the role of demand in the economic growth. The basic idea emerged nearly 80 years ago, and the current model emerged about 30 years ago. Some of the Korean researchers began to pay attention to this issue when ILO researchers discussed it in 2010. The recent emphasis on income-led growth theory was due to the tendency of declining labor income, thus forming a consensus that increasing inequality can hamper growth. The effectiveness of the income-led growth strategy, which can lead to economic growth by increasing the share of labor income, is theoretically and empirically controversial. However, it is understandable why income-led growth strategies have emerged. Income-led growth is not a short-term strategy nor a key of growth strategy. However, in current socio economic structures, the prescriptions of income-led growth theory is meaningful in that it enables sustainable growth by making the economic system healthy. In addition, unlike the West, the government's welfare expenditure can play a significant role as part of the income-led growth prescriptions in Korea.

• The Journal of the Korea Contents Association
• /
• v.20 no.7
• /
• pp.602-617
• /
• 2020

The aim of this study is to evaluate the effects of income-led growth path induced by government and consumption expenditures. Six of Nordic countries, Latin American countries and South Korea are selected for this purpose due to the fact that these countries have been pursuing income-led growth policy for more than the last decade except South Korea. The structural equation is formulated based on the government and consumption expenditures with lagged variable, and the GLMs estimation is employed for empirical analysis. Although the impacts are not overwhelmingly effective, empirical evidence suggests that income-led growth path contributes to stimulate economic activities which are associated with increasing in national income in Nordic countries and South Korea. However, the income-led growth path is quite weakly operated. Furthermore, it is even unstable in Latin American countries. In addition to this, the policy target would rather be focused on middle consumption group than low consumption group. Overall, it would be concluded that the income-led growth policy should be implemented for complementary purpose. And, it also has to be mentioned that sustainable growth may not be achievable by this policy.

• 한국사회정책
• /
• v.25 no.2
• /
• pp.243-280
• /
• 2018

This paper examines the discussion on the income-led growth known as the core economic strategy of Moon's administration in terms of Korean welfare regime. Although the income-led growth strategies have presented various issues, the income-led growth strategy seems to be a timely alternative discourse that emphasizes the demand side, considering supply-oriented growth strategies have caused long-term recession and deepening of inequality. It is important that the income-led growth strategy places social expenditures as an important growth engine for virtuous cycle of production and consumption. However, this paper has confirmed that simply raising wages and increasing social expenditure do not increase the aggregate demand and production. Moreover, empirical studies have shown that the inclusion of external sectors and liabilities into the analysis weakens the wage-led growth of the Korean economy. For this reason, this study concluded that the government's sophisticated policy intervention is necessary for the increase of real wages and social spending to be economic growth.

• 사회경제평론
• /
• v.31 no.3
• /
• pp.1-27
• /
• 2018

We evaluate the income-led growth policies introduced in the first year of 'the Moon Government', and try to find ways to extend policy packages. We emphasize the expansion of fountain effects, reinforcing trickle-down effects, and fiscal expansion. Nevertheless, we still face two deep problems. It is hard to reverse the long-run downward growth trend due to population decline. It is also hard to overcome the chronic inefficiency in resource allocations originated from the Korea-specific monopolistic structure. We still can take advantage of income-led policy, but the growth effect will be limited if our efforts just remain in mild improvement of income distribution. We have to challenge the broader reform agenda if we really aim at great paradigm shift.

• Journal of Digital Convergence
• /
• v.10 no.7
• /
• pp.267-272
• /
• 2012

Overcoming harsh light environment, as well as increased growth of crops even in high-quality production can play an important role when using the LED light system of photosynthetic products will be able to effectively reduce consumption. In this study, low efficiency of farm greenhouses, growing annual reduction in income due to rising operating costs and increase crop growth by inducing the proper planting environment Factory-type raise farmers' income and at the same time will contribute to the increase of Light device using LED Supplemental through photosynthesis, promote and improve product quality, plant growth regulators are considered possible for them to develop more efficient LED devices and LED Optical processing devices of Light leaf lettuce grown using normal fluorescent or incandescent bulbs grown in the results than the growth can see that the speed improvements. Usually shipped from seedling to harvest leaf lettuce from 25 to 30, whereas optical processing device be required red light (wavelength: 645nm) using a leaf of lettuce grown enough to be harvested after seven days increased the rate of growth. In addition, red light (wavelength: 645nm) and blue light (wavelength: 470nm) emitting at the same time, room, and grown for 5 days to harvest the growth rate was fast enough.

• The Journal of the Korea Contents Association
• /
• v.20 no.6
• /
• pp.392-405
• /
• 2020

The aim of this study is to investigate the effects of income inequality on consumption expenditure in other to understand income-led growth policy. This is basically resulted in the income inequality had gotten worse since global financial crisis in many economies. Malthusian hypothesis which signifies the relationship between the income inequality and the consumption expenditure revisited for this purpose. The paper utilizes multiple break points regression and TGARCH model, and these methodologies are tentatively applied to the case of U.S and U.K. This is because that long-run time series data enables to formulate a stylized fact in general. Empirical evidence suggests that there does not exist a solid relationship among APC, income inequality by Gini coefficient, and consumption expenditure before the year of 2000, but Malthusian hypothesis is supported by weak basis in U.S while strong basis in U.K after since then. It implies that the income inequality has to be alleviated to maximize its effectiveness of the income-led growth policy.

• The Journal of the Korea Contents Association
• /
• v.19 no.7
• /
• pp.559-573
• /
• 2019

The aim of this study is to investigate how social welfare expenditure affects to economic growth in Northern European countries, and such implication might be compared with Korean episode. ARDL cointegration model is employed for emplrical analysis. The model is usefully utilized to analyze short-run and long-run relationships of the variables in general. The result suggests that private welfare expenditure is effective in Korea and Finland even though the magnitude of effectiveness is quite a small scale. On the other hand, public welfare expenditure is effective in Denmark and Norway. However, none of social welfare expenditures affects in economic growth in Sweden. And, therefore, it could be concluded that although social welfare expenditures contribute to improve income inequality, these hardly support income-led growth strategy.

• Journal of Sericultural and Entomological Science
• /
• v.52 no.1
• /
• pp.59-63
• /
• 2014

The effects of LED irradiation on growth and functional components of crops are actively being studied. We investigated the effects of red LED on the cordyceps cultivation because Cordyceps is very difficult to find in the wild and to cultivation. The synnemata formation rate of P. tenuipes was 100% under red LED. Also weight, length, and number of the synnemata were significantly increased. We expect that the red LED treatment will be of help to improve farm income.

• Korean Journal of Social Welfare
• /
• v.56 no.4
• /
• pp.57-78
• /
• 2004

The economic crisis in $1997{\sim}1998$ caused massive unemployment and unprecedentedly increased the number of the poor in Korea. As many unemployed families fell into poverty, the poverty rate skyrocketed to higher than 10 percent. Not later than 2000, unemployment late got back to normal and real average income among urban households approached to the income level prior to the economic crisis. Although the economic crisis has been passed through, poverty was not decreased to the low level prior to the crisis by 2000. Why does it remain high? This study attempts to provide an answer to this question by analysing the poverty trend over the 1990s. Data come from the National Survey of Household Income and Expenditures 1991, 1996, and 20001. Results show that poverty was rapidly reduced in the first half period of the 1990s. This reduction in poverty is largely explained by steady and rapid economic growth. Modest improvement in income inequality also contributed. In contrast, the poverty rate considerably increased in the latter half of the 1990s. Average income was not fully recovered to its prior level, which reflected the economic crisis and the subsequent economic stagnation. Worsened income inequality led to higher poverty rate too. In addition, demographic changes increased the share of economically vulnerable types of families, such as families headed by single parents and the elderly. The most significant factor in explaining the higher poverty rate was extended income differential among non-elderly adults, while the next was the increased number of the elderly families. Yet, findings a little differ depending on which concepts of poverty to adopt. In the analyses based on the concept of absolute poverty, economic growth the most significantly affected the poverty trends in the 1999s. Changes in income inequality played the most important role in explaining the trend in relative poverty. Adopting the concepts of quasi-absolute poverty, which is preferred in this study, results show that rapid economic growth significantly reduced poverty in the first half of the 1990s and both worsened income inequality and stagnated economic growth increased poverty in the latter 1990s.

• Journal of Convergence for Information Technology
• /
• v.7 no.1
• /
• pp.49-54
• /
• 2017

In this paper, we propose a system that can provide a environment for plant cultivation in connection with LED plant factories and enable users to participate in plant cultivation remotely to engage in personal hobbies. The proposed system can monitor the growth conditions of plants through various sensors and remotely adjust the cultivation environment required for plant growth through the Arduino system, so that users can feel the satisfaction of plant cultivation and harvesting as a hobby. On the other hand, we suggest a mutual benefit structure for plant factory and users by securing a certain amount of income source to factory, by paying the idle space to the individual online. This paper demonstrates the feasibility of the proposed system by making the prototype of the remote plant cultivation consignment system using the Arduino and Android application(App.), and contributes to popularize the LED plant factories and expand the business area in future.