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Social development introduced in economic models : An application to past Korea

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  • Social development introduced in economic models
  • Cohen, S. I.
  • Social Science Electronic Publishing, Inc.


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Title Social development introduced in economic models
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Sub Title

An application to past Korea

Material Type Articles
Author(English)

Cohen, S. I.

Publisher

[Rotterdam]:Social Science Electronic Publishing, Inc.

Date 2015-04
Pages 27
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Economic Conditions
Social Development < General
Holding Social Science Electronic Publishing, Inc.

Abstract

The paper explores quantified ways of incorporating social development goals and basic needs indicators in economy-wide models. We evaluate the welfare and productivity effects of higher satisfactions against the costs involved, and examine the optimal ordering of various social and economic development goals in the policy making process. The model is applied to the Republic of Korea during its period of takeoff. The modelling application demonstrates high degrees of positive complementarities between social development and economic growth in the Korean context that can be replicable elsewhere.