기술진보와 자본축적 - 자본축적론에의 일접근 ( 속 ) = Capital Formation and Technical Progress

다국어 초록 (Multilingual Abstract)

In this article I tried to describe, in more detail, a specific aspect of technical progress which was referred to in my last attempt in 1963 An Approach to the Theories of Capital Formation. I consent to the view that capital is one of the important subjects in economy, but at the same time I guess that if we are to promote the efficiency of capital to a high degree, we should pay attention to technical progress which can be embodied either in capital in real term or in labour productivity. From such a point of view, I intended to comment mainly on the subject summarized as follows. It is primarily necessary to maximize the portion of savings out of income in order to form capital accumulation which is pursued for the economic growth as a final goal. Since propensity to save, however, has a tendency to maintain upward curve as a whole, the amount of capital accumulation would be increased in the long run, according as the income increases. On the contrary, though the developing countries under the conditions of capital shortage, especially such as Korea, are partly expected to accumulate capital along this course, it becomes an important subject how to raise both the rate of return of capital and the rate of capital accumulation as much as possible even in the short run. It follows that capital accumulation is not a sufficient condition for economic growth though it is sine qua non for it, while technical progress can be a sufficient condition to achieve economic growth. But as technical progress is concretely embodied through the improvement of capital equipment, business management, labor productivity and so on, the subject to promote the efficiency of technics in every field is not an easy one to be challenged. I tried to investigate and arrange the new subject mainly deriving from the theories of Cobb-Douglas production function and its application, and also tried to emphasize the fact that technical progress leads essentially to fluctuations in factor. The productivity defree of fluctuations which is called generally leakage or alienable or diversting phenomenon (according to my definition) of factor productivity, depends on the deteriorations of capital equipments or the changes of labor quality. The ideal stage of technical progress which leads the economic growth to dynamic equilibrium, should be a situation in which schares of income by factor including the alienable portion might be maintained on a constant level, and under such viewpoint we would find out a motive of necessity by which technical progress and rate of capital profit should be argued and measured. I started in this article from the theoretical viewpoint regarding capitl accumulation as a intermediation of technical progress, and at last I came to the conclusion that technical progress should be treated as a strategic means to stumulate capital accumulation and achieve overall economic growth.