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From a Disaster to a Miracle: Suggestions for North Korea
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lee, Jisoon | - |
dc.contributor.author | Lee, Byungwook | - |
dc.date.accessioned | 2016-12-02T01:40:04Z | - |
dc.date.available | 2016-12-02T01:40:04Z | - |
dc.date.issued | 2016-11-10 | - |
dc.identifier.citation | Seoul Journal of Economics, Vol.29 No.4, pp. 439-456 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://hdl.handle.net/10371/98854 | - |
dc.description.abstract | Utilizing a model of income and population growth specialized to a dual-class (master-slave) economy, we show that the lack of ownership for the majority of people may have been the main culprit why North Korea has remained stagnant in the past. The slave-workers, for whom ownership (and freedom) is denied, end up with a subsistent level of income. However, the masters, who own not only property but also slaves, end up with a big income. When the slave-workers are liberated to become property owning free people, their income will increase far above the subsistent level. However, the former master-owners income will shrink sharply. Knowing this fact, masters have strong incentives to maintain the slavery and slaves have equally strong incentives to overturn it. If a binding commitment can be made, under which the masters free the slaves and the freed slaves give back portions of their increased income to their former masters, a smooth transition to a free economy can be engineered. | - |
dc.language.iso | en | - |
dc.publisher | Institute of Economic Research, Seoul National University | - |
dc.subject | North Korean economy | - |
dc.subject | Ownership | - |
dc.subject | Escape from Malthusian trap | - |
dc.title | From a Disaster to a Miracle: Suggestions for North Korea | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 이지순 | - |
dc.contributor.AlternativeAuthor | 이병욱 | - |
dc.citation.journaltitle | Seoul Journal of Economics | - |
dc.citation.endpage | 456 | - |
dc.citation.number | 4 | - |
dc.citation.pages | 439-456 | - |
dc.citation.startpage | 439 | - |
dc.citation.volume | 29 | - |
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