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Economic Growth and Income Distribution : A Debate on Capital Accumulation in Thailand《論文》
https://doi.org/10.24561/00019050
https://doi.org/10.24561/00019050aab6d946-4c25-4e1c-83ce-9756af9b08ea
名前 / ファイル | ライセンス | アクション |
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KY-AN00109186-161-07.pdf (1.9 MB)
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Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
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公開日 | 2020-10-01 | |||||
タイトル | ||||||
タイトル | Economic Growth and Income Distribution : A Debate on Capital Accumulation in Thailand《論文》 | |||||
言語 | ||||||
言語 | eng | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | Growth and income distribution | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | capital controversy | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | RCK steady-state growth path | |||||
資源タイプ | ||||||
資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
資源タイプ | departmental bulletin paper | |||||
ID登録 | ||||||
ID登録 | 10.24561/00019050 | |||||
ID登録タイプ | JaLC | |||||
著者 |
Kitti, Limskul
× Kitti, Limskul |
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著者 所属 | ||||||
埼玉大学大学院人文社会科学研究科教授 | ||||||
書誌情報 |
社会科学論集 en : SHAKAIKAGAKU-RONSHU (The Social Science Review) 巻 161, p. 23-57, 発行日 2020 |
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年月次 | ||||||
2020-6 | ||||||
出版者名 | ||||||
出版者 | 埼玉大学経済学会 | |||||
出版者名(別言語) | ||||||
出版者 | The Economics Society of Saitama University | |||||
ISSN | ||||||
収録物識別子タイプ | ISSN | |||||
収録物識別子 | 05597056 | |||||
概要 | ||||||
内容記述タイプ | Other | |||||
内容記述 | The performance of the Thai economy after the financial crisis in 1997 has induced economists, and policymakers believe that Thailand was trapped in the middle-income range. This paper reviews the stylized facts. Here, we have constructed an economic chronology of Thailand to explain the past unstable growth path. It is an impact of the external shock of currency realignment in 1985, as well as financial crises in 1997 which may have implications of the capital deepening in Thailand. We have surveyed the theoretical as well as sought empirical evidence to explain why Thailand has been falling into the trap. Firstly, we have applied an Input-Output Table of Thailand 1975-2010 which condensed the inter-industrial relationship into 5 disaggregate sectors. With calibrated capital stock, labor employment, we have statistically analyzed the path of economic growth, capital accumulation, and factors distribution of income in Thailand in the past decades 1970s-2000s. We have tried also to explain the growth and income distribution in Thailand from various theoretical perspectives, especially the debates on capital and distribution between the Neo-Classical and Post-Keynesian schools of thought. In the long-run, if Thailand would aim to exit from the ‘middle-income trap’, she may have to emphasize the proper level of capital accumulation. With the Ramsey-Cass-Koopmans (RCK) model simulation, we try to forecast the long-term path of capital accumulation in Thailand. It is found that the steady-state growth path of capital accumulation and consumption would be still far from reached by our current effort in capital investment. The sacrifice of current consumption would be needed to increase the saving rate for capital accumulation and steady-state growth. The Keynesian model of growth has proved to be well behaved in the case of Thailand. The profit rate was determined by the saving rate and the capital-output ratio. The profit-wage rate ratio determines the income distribution along with capital accumulation. It has been observed that Thailand had low productivity of capital and declining profit rate overtime. On the contrary, Thailand had real wage rate growth and an acceptable labor productivity record. Thus, the income distribution worked in favor of wage earners over time rather than the profit earner like capitalists or entrepreneurs. This is contradicting to the conventional belief that exploited labor surplus was a source of capital accumulation and growth. We, therefore, postulate that the Kuznets' Inverted U-Shape hypothesis may be realized in the case of the Thai economy i.e., Thailand has entered the phase of a reduction of poverty as well as income inequality in recent years. However, the result of the endogenously determined saving rate by the RCK model simulation has confirmed that the Thai economy is still far from reaching the steady-state level of economic growth and equitable income distribution as had been achieved by other predecessors. |
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版 | ||||||
[出版社版] | ||||||
著者版フラグ | ||||||
出版タイプ | VoR | |||||
出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
資源タイプ | ||||||
内容記述タイプ | Other | |||||
内容記述 | text | |||||
フォーマット | ||||||
内容記述タイプ | Other | |||||
内容記述 | application/pdf | |||||
作成日 | ||||||
日付 | 2020-10-01 | |||||
日付タイプ | Created | |||||
アイテムID | ||||||
KY-AN00109186-161-07 |