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장인표 대구효성카돌릭대학교사회과학연구소 1999 사회과학논총 Vol.1 No.-
Dualism has been at one the god from a neoclassical development economics. This distinguished appellation for "market imperfections" has given a certain degree of legitimacy to the observation, which is antithetical to neoclassical approaches, that the spread effects of economic development often seem to be abrogated. Development dynamics, on the other hand, has built elaborate models to describe how dualism gradually decreases and eventually disappears under the impact of automatic and equilibrating processes. Despite the elegance of the argument, the literature has left us singularly unprepared for the fact that dualism tends to persist of even to become more pronounced in the process of development. Income distribution has been an ominous dark spot in the record of development,. It has also been a failure of neoclassical development economics. The strategy for combating poverty, according to traditional theory, was an indirect one based on two implicit assumptions. First, in the classical world of harmonies of interest and gradual equilibrating processes, it was assumed that higher growth rates in GNP would eventually filter down to the masses. Should we take care of GNP, poverty would also be taken care of Second, and as the next line of defense, Keynesian economics suggested that poverty can be attacked through fiscal policies for the redistribution of income. Neoclassical economics has left us unprepared for the starting realization that the trickling-down mechanism has not worked. This is a subject in the domain of development disequilibrium. The perception development disequilibrium. The perception of harmonies of interest was impervious to the fact that the institutions that create growth are not neutral as to its distribution. The interdependencies among growth, institutions, and distribution have formed the core of the political economy of development -a subject that is largely beyond the scope of this book. Our discussion of income distribution opened with problem of measurement. Since the measurement of inequality involves a number of ambiguities, we have presented the operational tools for constructing alternative indexes of inequality in income distribution, some of which are more appropriate in some situations and for some purposes than others. The personal income distribution within countries was also analyzed on the basis of the scant evidence available. The conclusion is that socialist countries have the highest degree of equality in income distribution, and DCs in general have incomes more equally distributed than LDCs. After describing the inequality of income distribution, we turned to its explanation. Dearth of data is coupled with dearth of theory to make this endeavor rather tenuous at present. Various likely determinants of income inequality were noted, such as family, taxation, education, the relative importance of different forms of wealth, mobility. and social and political factors. The available evidence suggests that an increase in the average level of education lowers income inequality in the DCs, while in the LDCs, if th has any effect, it may increase income inequality. The institution of the family seems to reduce income inequality at any one point in time but, on the other hand, contributes to inter-generational inequality. Fishlow's estimates indicate that sectoral, regional, and age differences are also important in explaining the high degree of income inequality characteristic of Brazil and most other LDCs, Finally we noted the results of Adelman and Morris, which place considerable emphasis on dualism as an explanatory variable in the analysis of income inequality. Our brief survey of various theories of dualism has revealed striking differences between sociologists and economists in the extent to which they expect dualism to persist and in the strategies they advocated for achieving development with greate equality of incomes. The evidence supports the view that dualism and income inequality are remarkably persistent, if not immutable, fats of these phenomena can be explained by the fact that the rent-seeking behavior of those responsible for the market imperfections (which, in turn, give rise to dualism and income inequality)is largely self-reinforcing.
張仁杓 효성여자대학교 산업경영연구소 1990 경영경제 Vol.7 No.-
The object and method of this thesis is to inquire and analyze a critique of Neocrassical Monetary theory and dichotomies. The contents are (1) Analyze the effects of a change in money. (2) The Cash-Balance equation and the uniform unitary Elasticity of Demand for money. (3) Valid and invalid Dichotomies of the pricing process. I would like to draw a conclusion about this thesis. In their disscussion of value theory, neoclassical economists generally included an analysis of the stability of equilibrium. By this is meant nothing more complicated than the usual simple graphical exposition by which neoclassical economists showed that if the price of any given commodity were above(below) the intersection of the demand and supply curves, then there would exist an excess supply(demand) to drive it down(up) again. Neoclassical economists consistently proclaimed their objective of integrating their monetary theory with their value theory ; that is, of analyzing the former in the same manner as they had analyzed the latter. Nevertheless, neoclassical economists did not include a stability analysis in their monetary theory. That is, they did not explain the corrective market forces that would be brought into play should the absolute price level deviate from its equilibrium value. Therefore, the omission of this analysis cannot be explained away as being the result of either a chance oversight, on the one hand, or a conscious lack of interest in monetary stability analysis, on the other. An altarnative hypothesis to explain this phenomenon is that though the neoclassical economists did recognize the real-balance effect, they did not achieve a full understanding of it and therefore did not carry out the monetary stability analysis which is so vitally dependent upon it. This hypothesis too achieves additional credibility from the fact that is explains some additional phenomena : namely, the fact that neoclassical economists supported both the rectangular-hyperbola demand curve for money and in all probability the invalid dichotomy. The evidence from the form of the demand curve is the weakest link in the chain. For it is not absolutely clear if neoclassical economists assumed the demand curve to have the form of a rectangular hyperbola because they failed to take into account. The real balance effect or whether they did so because they assumed this effect to be eliminated as a result of compensating variations in intial money balance, or, alternatively, because they did not have in mind a demand curve at all, but instead a market-equilibrium curve. It is also possible that they had in mind the long run rectangular hyperbola. On the other hand, to the extent that we find indications of the invalid dichotomy in the neoclaaical literature the implications are straightforward. For this dichotomy reflects a failure to realize the direct contradiction between the real balance effect, on the one hand, and the "homeogeneity postulate" on the other : or, from an alternative viewpont, a failure to realize the complet inappropriateness of denoting sensitivity of the individual to a change in the absolute price level by the term "money illusion", when in fact it is precisely this sensitivity which demonstrates the existence of a rational concern on the part of the individual with the surely nonillusory impact of such a change on the real value of his money holdings. The foregoing hypothesis is on even stronger grounds with reference to the later literature, and this for two reasons. First, this literature explicitly accepts the invalid dichotomy as the undisputed statement of the relationship between monetary and value theory in an economy with outside-money : indeed, this view has persisted in some of the most recent writings. Second, this literature provides yet another phenomenon which accords with our hypothesis : namely, the failure to see the equilibrating role that real-balance effect can play in eliminating an inflationary gap. In concluding this critique of neoclassical monetary theory, I would like to emphasize once again that not only does in not require the abandonment of any significant aspect of this 쇄교, but it actually rigorizes and completes it. Correspondingly, to the extent that it is meaningful to speculate about such matters, I have no doubt that neoclassical economists would have readily accepted the criticisms involved; would have declared the explicit introduction of the reflection of their thinking on this matter all along and, indeed, a modification that could only strengthen their quantity-theory conclusions ; and would accordingly have rejected the implication of some of their recent would-be defenders that they (neoclassical economists) had a vested intellectual interest in the "homogeneity postulate" and its related dichotomy.
張仁杓 효성여자대학교 산업경영연구소 1988 경영경제 Vol.5 No.-
The literature on labor LDCs has come full circle. It was initiated after World War Ⅱ, with the common-sense view that surplus labor represents a socially valuable and economically unexploited resource. Workers who have zero marginal product in agriculture, it was thought, should be able to contribute something in the process of development-even if they could only carry dirt or dig ditches with their bare hands. Development could then be achieved in a rather painless fashion. This classical approach was fully discredited by the early 1960s, when it became apparent that labor with marginal productivity approaching zero is unreal, and the expectation that workers could be moved out of agriculture at no loss of output, with other inputs remaining constant, was chimeric. The neoclassical view of labor in a dualistic economy became fashionable in the 1960s. According to this view, the discrepancy in labor productivity between agriculture and industry was the automatic mechanism that would eventually self-destruct, and self-sustained growth would occur. The dynamic models built were elegant, replete with equilibrium conditions and convergence properties. By 1970, the birds had com home to roost. Despite significant transfers of labor to the urban-industrial sector, dualism has continued and perhaps even increased. In the process, open unemployment has also increased. The demise of surplus labor has occurred as a result of the realization that unemployment is an important, perhaps even the most serious, problem in development-rather than a solution to the problems of insufficient capital formation and dualism. The magnitude of present estimates and future projections of unemployment in LDCs is a significant, thought unhappy, finding. As a result, employment considerations must be given serious thought in evaluating projects and development plans. This Studies has emphasized that it is both objective facts relating to the marginal product of labor and subjective considerations arising within a utility-maximization framework that determine the magnitude and importance of the problem of hidden unemployment, which will eventually show up as open unemployment. Our analysis points to four important conclusions. First, it is necessary to be precise about the different kinds of unemployment that exist, open, hidden, or disguised, for each gives rise to vastly different policy implications. Proper conception and measurement of each is therefore important. Second, the full implications of unemployment and the importance of divergence in wage rates and marginal productivities among different jobs and between the agricultural and the nonagricultural sector cannot be studied in a partial equilibrium context. Third, the existence of underemployed resources(of labor, capital, or land) and the state of economic dualism cannot be properly understood in terms of the equilibrating processes of the classical or neoclassical type. Fourth, differential rates of unemployment and differential wage rates imply movements of people between sectors, that is, migration.
張仁杓 효성여자대학교 산업경영연구소 1993 경영경제 Vol.10 No.-
The object and method of this thesis is to inquire and analyze A Utility Theory of Money and Bonds. The contents are (1) Analyze the conditions for utilitymaximization, (2) The argument presented graphically, (3) Properties of the de-mand function, (4) The relationship to the Fisherine time -preference theory andMarshall's marginal utility of money, Iwould like to draw an conclusion about this thesis. Assume that payments and receipts on commodity contracts occur randomlyduring the week in accordance with the stochastic process, The redemption ofbonds, 13n the other hand, is scheduled to take place at a fixed point of time theend of the week Assume also that an individual who runs out of cash during theweek can meet the situation in one of two ways, Either he can default tempor-arily oil any payment that he is callede upon to make -a course of action that isassumed to generate some embarrassment for him: or he can replenish hisbalances by achieving an intraweek redemption (at their maturity value) of thebonds he holds -an action which is assumed to necessitate some extra bother onhis part. The security which money balances provide against either of these typesof inconvenience is twhat is assumed to invest them with utility. It is also clearthat the efficacy of money balances in providing this security is dependent ontheir real-and not nominal-Value. Correspondingly, it is only the real value ofmoney balances that is relevant for the individual's utility calculus. Note that the foregoing implies the dropping of the assumption that all marketactivities take place on a single day of the week, Instead, we are nowdiftingylishing between commodities (Whose transactions are restricted to theMonday marketing period) and assets (which can be dealt with at any point dur-ing the week) This distinction gives experssion to the recurrent theme in the lit-erature that the individual can make more rapid adjustments in the compositionof his gtock of assetrs (particularly financial ones) than in his consumption offlows of commodities. At the same time it should be emphasized that we are now making the unrealistic assumption that these intraweek bond transactions do notaffect the interest rate. Three further comments might be made. First, our concern in this thesis iswith the demand for money that would exist even if there were perfect certaintywith respect to future prices and interest. Uncertainty does play a role in theanalysis, but only uncertainy with respect to the timing of payments. Thus onby -procuct of the main argument is the demonstration that dynamic or uncertainprice and interest expectations are not a sine qua Hon of a positive demand formoney. Second, if our objective were solely to establish a rationale for such a positivedemand, then there would be no need to assume uncertainties with respect totiming either, It would suffice to say that payments must be made at fixed andcertain times during the week -and that it is impossible to effect any additionattransactions (including those with bonds) during the week. But then-on the as-sumption that no individual will deliberately choose to default during theweek -his demand for money would be a constant equal to the maximum cumulat -ive discrepancy between payments and receipts that would be generated duringthe week. There would be considerations of more or less-no weghing ofalternatives. On the other hand, the introduction of uncertainties via the stoehastic paymentprocess readily enables us to analyze the problem of holding money by means ofthe traditional utility calculus, Correspondingly it demand curve -has a smoothand negative slope with respect to its price. At the same time, it must be conceded that this result can be obtained even if we assume that the individual knows his payment dates with certainty -provided we also assume that he roaydeliberately plan to suffer the embarrassment of default for varying periods duringthe week in order to earn more interest on bonds. We note finally that though the emphasis of our remarks until now has been onthe single asset, money, the general approach of the main argument is in theKeynesian spirit of analyzing the demand for this asset as one component of anoptimally chosen portfolio of many assets.
張仁杓 효성여자대학교 산업경영연구소 1998 경영경제 Vol.16 No.-
The paper has discussd about the rent of land in "The Wealth of Nations" by Adam Smith as in the main section. Considering this discussion, it is obvious that the theory of the rent by A. Smith makes some confusion and his logic is not clear, though. In addition, his discussion has many confusion and fallacies, and more often than not he seems to be in maze. One, however, may find some valuable things current Marx economics succeed to the one of A. Smith though not complete. It can be seen that the theory of the rent by A. Smith has left inadequacy and fallacy or confusion, comparing with the considerably settled theory of K. Marx through D. Ricardo. Furthermore, several fallacies and contradiction can be found similarly in the value theory and the market price theory, in addition to the labor division theory and capital accumulation theory. Hence, it is not necessary to say that the fallacies are capital accumulation theory of rent. It may not be meaningful that successors are digging in his fallacies and confusion at the current time when they review the theories constructed by Smith and Ricardo and others. It is natural in some sense that old theories contain much inadequacy since new theories may continue to develop correctly old theories' fallacies. A novice of today can possibly point out the fallacies if the only thing we do is to find them. Even if so, the public accomplishments of J. Anderson, Ricardo, and Mark should not be neglected in addition to further development of the theory of the rent. One of the causes of confusion or bias in the theory of the rent by Smith is in fact that Ricardo and even Mark did not succeed to what Smith pointed out intuitively after a long time, and what is worse ignored it. One can know that it is necessary to find classics as classics even though two centuries has passed. Therefore, further studies beyond this paper will be necessary.
張仁杓 대구효성가톨릭대학교 1998 연구논문집 Vol.57 No.1
The main discourse has been devoted to capital accumulation-a subject that has long been considered the linchpin of economic development. altoough the role of capital formation in economic development may have been exaggerated in capital fundmentalism. The process of capital accumulation-increase in income-increase in savings-capital accumulation is one of the few virtuous circles suggested in the development literature. Our presentation has started with the neoclassical approach to capital accumulation in term of the relationship between the demand and sump]y of permanent income stream. The characteristic of this exposition is that savings is considered as a direct determinant of investment, as opposed to the Keynsian Formulation of underemployment equiliblium that makes savings a function of investment. The former formulation emphasizes· the supply side of capital, especially important. in LDC?, which commonly face capital sortage. The Keynsian formulation emphasizes demand side, a general feature of DC?. Since the empirical hypotheses relating to both the supply of savings and the demand for invetment do not lend themselves to a detailed summary, we content ourselves with a brief reprise of some of our findings. The government sector remains a potentially important source for increased savings, although usually its effectiveness is much copromised by the "Please effect," in that the marginal propencity of the government to cosume out of increased revenues is generally quite high. the government can play a crucial role in capital accumulation. Tax increases should be trained on individuals or types of income that have high marginal propencities to consume. Aside frome its ability to generate public savings without reducing private sector savings, the government can also play an important role in influencing savings behavior in the private sector at least as far as measured savings are corncerned, DC? have higher savings ratio than LDC?, there is no universal agreement on the reason for these differences. One explanation is the absolute income hypothesis, in which the average propensity to cosume rises with income, constituting an inevitable vicious circle of poverty and insufficient savings for poor countries. Alternative theories point to the source of income, the subjective way it is viewed by the income recipient, the time in the person's life-cycle in which the income is received, and so different behavioral patterns in DC? and LDC?. We have concluded the thesis with a brief treatment of the demand side of capital formation, starting from the neoclassical theory of investment demand. Because of the lag between the time in which investment decision are made and investment expenditures are carried out, investment expenditures seem to be most strongly influenced by lagged variables, including monetary factors, which influence the ability to implement positive investment decision.