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투기와 거품 그리고 부동산가격의 변동 : 한국과 일본의 사례를 중심으로 the Case of Korea and Japan
이재율 啓明大學校 産業經營硏究所 2004 經營經濟 Vol.37 No.1
Speculation seems to be immoral and illegal, but it is legally allowed in capitalistic societies. Speculators do not force anyone to sell or buy. Speculators buy or sell assets, expecting that prices of those assets would rise or fall. Sometimes speculation improve the efficiency of resource allocation. But in case of real estate, speculation tends to decrease the allocative efficiency and increase the gap bet ween the poor and the rich. So speculation should by limited by social system. Bubble is very difficult to be identified. But there must be bubble after a rapid increase in asset prices. So the government should try to stabilize asset prices. There is much similarity between Korea and Japan in sharp fluctuations in real estate price in late 1980's and early 1990's. But there is a big difference between them after 1992. In Japan land price has been falling until now. But in Korea it has fallen for some time more mildly than in Japan. And apartment price is rising rapidly in Korea from 2001. I think Japanese government adopted tougher policy against the sharp increase in real estate price than Korean one.
李在律 啓明大學校 産業經營硏究所 1987 經營經濟 Vol.20 No.1
1. Advanced capitalist countries had been following the mercantilistic policies, but they turned to free trade as soon as they were strongest in the manufacturing industry. And they compelled less developed countries to adopt free trade policy. Theoretically, classic economists such as A. Smith and D. Ricardo provided the rationale of free trade. Doctrine of free trade propagates the univeral harmony and mutual benefits, but it is based on the unreal assumptions 2. F. List and G. Schmoller rejected doctrine of free trade as irrelevant to less developed countries because it is based on the assumptions of eternal peace, individualism, equal potentiality of manufacturing and agriculture, and so on. 3. Japanese economic historian, Ohtzka Hisao insists that less developed countries should protect their home manufacturing industry and expand home markets in order to form an independent national economy. Ohtzka's conception of national economy is very useful to analyze the socio-economic structure of less developed countries.
李在律 啓明大學校 産業經營硏究所 1986 經營經濟 Vol.19 No.1
1. A. Smith asserted that in the primitive society embodied labour determined the exchange ratio between commodities. Ricardo accepted the labour theory of value as relevant principle in the capitalist society. But Ricardo could not solve the inconsistency between value and price in case of different composition of capitals among industries and find the invariable measure of value. 2. Marx asserted the labour theory of value could explain the nature of exploitation in capitalist society as well as relative prices. 3. That the concept of value is not necessary for determining relative prices was proven by Sraffa. and many economists argue that the exploitation thesis is the logical outcome of Marx's arbitrary definition of value.
李在律 啓明大學校 産業經營硏究所 1985 經營經濟 Vol.18 No.1
1. Most non-colonial countries in Latin America and Asia in 19th century could not enter upon industrial revolution mainly because of the low productivity of agiculture. 2. Latin american countries began import substitution industrialization [ISI] because their terms of trade of primary products have worsened since the Great Depression. The first stage ISI was relatively easy process, but the the second stage ISI was confronted with significant difficulties. Therefore a few countries among them have switched their development strategy from ISI to export promotion policy. 3. That the outcomes of export promotion policy are better than ISI is said to be owing to allocative efficiency. X-efficiency, new technoloy from the advanced countries, utilization of idle resources etc. These countries have experienced significantly high growth rate of income and export 1950s. But, since the beginning of 1970s the world economy has greatly worsened. So it becomes more difficult to grow based on export promotion. 4. The urgent tasks of these countries are shift to intensive growth, agricultural development, improvement in balance of payments and tight control of foreign debts.
이재율 啓明大學校 産業經營硏究所 2006 韓日企業經營의 諸問題 Vol.- No.12
Speculation seems to be immoral and illegal, but it is legally allowed in capitalistic societies. Speculators do not force anyone to sell or buy. Speculators buy or sell assets, expecting that prices of those assets would rise or fall. Sometimes speculation improve the efficiency of resource allocation. But in case of real estate, speculation tends to decrease the allocative efficiency and increase the gap between the poor and the rich. So speculation should be limited by social system. Bubble is very difficult to be identified. But there must be bubble after a rapid increase in asset prices. So the government should try to stabilize asset prices. There is much similarity between Korea and Japan in sharp fluctuations in real estate price in late 1980's and early 1990’'s. But there is a big difference between them after 1992. In Japan land price has been falling until now. But in Korea it has fallen for some time more mildly than in Japan. And apartment price is rising rapidly in Korea from 2001. Ⅰ think Japanese government adopted tougher policy against the sharp increase in real estate price than Korean one.
李在律 啓明大學校 産業經營硏究所 1983 經營經濟 Vol.15 No.1
1. The purpose of this paper is to survey the recent developments in Phillips curve and their relation to the stabilization policy. 2. There has been sever theorectical conflict between the phillips curve doctrine and the natural unemployment rate hypothesis. The latter denies the stability of the Phillips curve and suggests that the long-run Phillips curve is vertical. 3. The policy implication of the Phillips curve doctrine is the need and usefullness of stabilization policy but that of natural unemployment rate hypothesis is the denial of stabilization policy.