This study analyzes the annual economic policy plan proposed by the government in word units to demonstrate institutional change by using evolutionary theory. The subject of analysis was the economic policy plan of government from 2001 to 2016, and th...
This study analyzes the annual economic policy plan proposed by the government in word units to demonstrate institutional change by using evolutionary theory. The subject of analysis was the economic policy plan of government from 2001 to 2016, and the first plan which was announced in 1959 were used as the reference point for the study. For analysis, the economic policy plans were text-mined and the weight of the words was calculated. As a result, the weight of the existing words gradually decreased, and new words were inserted in place. The differential growth of words has been a driving force for continuous and gradual institutional change. On the other hand, not all newly introduced words affect institutional change, and some showed neutrality that does not affect institutional change. These characteristics make the economic policy plans to be differentiated each year and to respond flexibly to the policy environment.