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Working Paper

Recent Development in Industrial Organizational Issues in Korea

페이스북
커버이미지
  • 저자 이규억(李奎億) , Shujiro Urata, 최인범
  • 발행일 1986/12/01
  • 시리즈 번호 8609
원문보기
요약 The Korean government shifted its development policies
from highly interventionist policies to more liberal policies in the
early 1980s. As for the industrial policies, this policy change was
reflected in an shift from quantitatively oriented industrial
structure policies to qualitatively oriented industrial organization
policies. In this chapter we examined the industrial organization
issues in the past and present, and presented some implications
for the future. We also performed a quantitative analysis of the
factors influencing market performance using sectoral data. The
results have shown that the new liberal policies would result in
improving the efficiency in resource allocation by increasing
competition.

There are, however two important issues facing policy
makers as will as economists that were not fully analyzed here:
the effect of business groups on the economy, and the issue 낼
research and development from the industrial organizational
aspect. Careful and rigorous analyses if these issues should help
policy makers in formulating industrial policies.

We have examined the impact of business groups on the
economy in terms of their size measured by such indicators as
sales or employment, but we did not analyze their influence on
market performance. Several factors make such an analysis
difficult data on business groups because of extensive
intra-group transactions in financial resources as well as inputs
and outputs. Second, there have not been any testable models
explaining business group behavior.

Research and development investment is one of the most
important issues in Korea ar present. R&D plays a very
important role in the development and application of new
technology, which would enable producers to improve their
competitiveness. As Korea's comparative advantage is shifting
from unskilled-labor intensive goods to skilled-labor intensive
goods, it is not an overstatement that Korea's future economic
development depends on technological progress. An industrial
organizational issue here is if competition increases R&D
investment. Two somewhat opposing views have been presented
on this point.

Competition has been argued to result in higher R&D
expenditure because producers under competitive pressure seek
to establish a technological advantage that would enable them to
reap profits. This argues for anti-monopoly measures to induce
R&D investment. On the other hand, some argue against such
measures because they claim that the firm size may be
important to R&D investment because of its indivisibility. The
R&D issues gets more complicated when formulating government
policies once one realizes that the government as well as private
firms expends a large amount in R&D investment. Finally, it
should be noted that the issues of business groups and R&D
investment are closely related as firms belonging to business
groups are moving rapidly into R&D intensive sectors.
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