Tobin의 貨幣的 成長理論에 대한 批判 = A Criticism on Tobin's Monetary Growth Model

다국어 초록 (Multilingual Abstract)

Most growth models, whether they would be of the Keynesian-Kaldor, Harrodian or Solow-Swan type, ignore or at least minimize the role of the money in the process of accumulation and growth. In general, real factors rather than monetary phenomena are emphasized.
Monetary growth model is concerned with the influence of money on the rate of growth and the steady-state characteristics of a growing economy.
The purpose of this paper is to study on the recent development of monetary growth models, to examine closely the effect of money to the rate of economic growth and to criticize Tobin's model.
Tobin has attempted to study the relationship between money and growth but his system is defective as it omits the construction of a demand for capital schedule by entrepreneurs that can be formulated independently of the savings propensity and portfolio decisions of households.
Tobin's argument is based on the fact that the balanced growth at full employment requires the stock of capital to increase at the same rate as the natural rate of growth of the effective labor force, which Tobin assumes constant.
Tobin's work is, therefore, directed towards to the discovery of the adjusting mechanism in both nomnometary and monetary economies that will lead to this form of balanced growth. Tobin's analysis implies that entrepreneurs are, in long-run eguilibrium, obliged to accumulate at a rate determined by the savings behavior of the public.
This is clearly contrary to the spirit of Keynesian analyais, in which the rate of accumulation depends on the desire of entrepreneurs to invest and not on savers' propensities.
What is lacking from Tobin's system is an attack on the problem of the simultaneous determination of the total size of savings and the forms that the savings magnitude will take.
One of the essential elements neceasary for this concomitant determination is the introduction and construction of an explicit demand for capital goods by investors that can be formulated independently of the savings propensity and portfolio decisions of households.
Tobin's model has provided a new analytical framework and raised some new issue relating to the effectiveness of stabilization policies.
But the criticizing of Tobin's model will surely direct the future research correctly.

목차 (Table of Contents)

• Ⅰ. 緖論
• Ⅱ. Tobin model의 背景
• Ⅲ. Tobin model의 內容과 含蓄性
• Ⅳ. Tobin model의 批判
• Ⅴ. 結論