Policy Issues and Responses for the Korea Economy in Cultural Economic Perspectives (Written in Korean)

• Main Author: 주, 학중
• Format: Article
• Language: English
• Published: Korea Development Institute 1991-10-01
• Series: KDI Journal of Economic Policy
• Online Access: https://doi.org/10.23895/kdijep.1991.13.3.3

This paper attempts to formulate a cultural economics approach by bridging John Ruskin's political economy and A. Sen's capability approach under welfare economics. This synthesis based on the framework of cultural economics frameworks provides a broader perspective than that based on traditional economics, thus making it more appropriate to identify broad economic policy issues and possible responses in a rapidly changing Korean society. John Ruskin's view is especially noteworthy. The political economy is regarded as the 'maintenance' of a State in support of its population in healthy and happy life, and that it is "neither an art nor a science; but a system of conduct and legislation, founded on the sciences, directing the arts, and impossible, except under certain conditions of moral culture." The system of conduct and legislature, Ruskin's view on the capacity of users Sen's capabilities, and moral culture including work attitudes are highlighted in the synthesis. To provide analytical substance, the highlighted views are applied to the issues of mass transportation, particularly in the urbanized Korea. Specifically, the issues that are discussed include the scientific validity of mass transport network traffic law and order, the attitude of drivers, moral culture, and the acceptance and capability of general public toward mass transportation services. This framework of cultural economic analysis could be applied to other macro- and micro-socioeconomic issues in Korea. Major directions of the policy responses concluded from the cultural economic perspectives include the reinforcement of socio-economic order, the realignment of social payoff matrix, the refinement and expansion of Ruskin's capacity and Sen's capability, and the nourishment of moral culture. Although these policy responses are often emphasized in various social science studies, these aspects can only be incorporated into the framework of economic analysis by taking the perspectives of cultural economics.