소득주도성장 정책 쟁점과 분석 및 평가 : 임금주도성장 논의 중심으로 = An Analysis and Evaluation on ‘Income-driven Growth’ Policy Issues: Focusing on Wage-driven Growth Arguments

다국어 초록 (Multilingual Abstract)

The ‘income-driven growth' is one of the economic policies implemented by President Moon’s Administration of Korea that has launched in 2017, and the primary objective of the policy is to achieve economic growth through wage increase or income redistribution. Aside from the policy objective, however, such a drastic policy characterized by a rapid increase in wage or particularly minimum wage can be controversial. This study examines whether the theoretical argument of the income-driven growth policy is appropriate in the Korean economy and analyzes various data to assess the policy outcome. Our main findings argue that the aim of income redistribution improvement may be valid, but the argument is too stretched to link such objective to the growth channel directly, and the income-driven growth policy focusing on the minimum wage raise does not seem to serve the intended purpose. It would be advisable for the government to consider policies that are better suited for the Korean economy.