{"id":1535,"date":"2019-05-23T10:08:53","date_gmt":"2019-05-23T01:08:53","guid":{"rendered":"http:\/\/commonstrans.net\/?p=1535"},"modified":"2019-06-04T18:59:08","modified_gmt":"2019-06-04T09:59:08","slug":"%ec%83%81%ed%99%a9%ec%9d%80-%ec%82%90%ea%bb%98%eb%9d%a0%ea%b0%80-%ec%84%9c%ec%88%a0%ed%95%9c-%ea%b2%83%eb%b3%b4%eb%8b%a4-%eb%8d%94-%eb%82%98%ec%81%98%eb%8b%a4","status":"publish","type":"post","link":"http:\/\/commonstrans.net\/?p=1535","title":{"rendered":"\uc0c1\ud669\uc740 \uc090\uaed8\ub760\uac00 \uc11c\uc220\ud55c \uac83\ubcf4\ub2e4 \ub354 \ub098\uc058\ub2e4"},"content":{"rendered":"<p>\u00a0<\/p>\n<hr \/>\n<ul>\n<li>\uc800\uc790\u00a0 :\u00a0 Michael Hudson<\/li>\n<li>\uc6d0\ubb38 : \uc778\ud130\ubdf0\u00a0 <a href=\"https:\/\/www.youtube.com\/watch?v=uv6kEd9C9CM\">Michael Hudson : Situation worse than Piketty describes<\/a> <a href=\"http:\/\/thecorner.eu\/world-economy\/pikettys-wealth-gap-wake-part-ii\/37222\/\">http:\/\/thecorner.eu\/world-economy\/pikettys-wealth-gap-wake-part-ii\/37222\/<\/a><\/li>\n<li>\ubd84\ub958 : \ub0b4\uc6a9 \uc815\ub9ac<\/li>\n<li>\uc815\ub9ac\uc790 : \uc815\ubc31\uc218<\/li>\n<li>\uc124\uba85 : \ud638\uc8fc \ub77c\ub514\uc624 \ud504\ub85c\uadf8\ub7a8 Renegade Economist\uc758 \uc778\ud130\ubdf0\uc5d0\uc11c \ub9c8\uc774\ud074 \ud5c8\ub4dc\uc2a8\uc758 \ub2f5\ubcc0 \ubd80\ubd84\uc758 \ub0b4\uc6a9\uc744 \ubb38\uc5b4\uccb4\ub85c \uc815\ub9ac\ud55c \uac83\uc774\ub2e4. \u2018\ub098\u2019\ub294 \ud5c8\ub4dc\uc2a8\uc774\ub2e4.<\/li>\n<\/ul>\n<hr \/>\n<p>\u25b7<\/p>\n<p>\uc090\uaed8\ub760\uc758 \ud1b5\uacc4\uc758 \ubb38\uc81c\ub294 \uadf8\uac83\uc774 \uc138\uc0c1\uc774 \uc5bc\ub9c8\ub098 \ubd88\ud3c9\ub4f1\ud55c\uac00\ub97c \ub9e4\uc6b0 \ub0ae\ucd94\uc5b4 \ub9d0\ud558\uace0 \uc788\ub2e4\ub294 \ub370 \uc788\ub2e4. \uc18c\ub4dd\uc5d0\ub9cc \uc2dc\uc57c\ub97c \ud55c\uc815\ud558\uace0 \uc788\uae30 \ub54c\ubb38\uc774\ub2e4. \ubbf8\uad6d\uc758 \ubd80\uc790\ub4e4\uc740 \uc18c\ub4dd\uc744 \ubc8c\uc9c0 \uc54a\ub294\ub2e4. \uadf8\ub4e4\uc740 \uc790\ubcf8 \uc774\ub4dd(capital gains)\uc744 \uac70\ub450\uc5b4\ub4e4\uc774\uba70, \uc790\ubcf8 \uc774\ub4dd\uc740 \uc18c\ub4dd \ud1b5\uacc4\uc5d0 \uc7a1\ud788\uc9c0 \uc54a\ub294\ub2e4. \ubcf4\uace0\ub294 \ub418\ub294\ub370, IRA\uac00 10\ub144 \uc815\ub3c4\ub9c8\ub2e4 \uc790\ubcf8 \uc774\ub4dd\uc5d0 \ub300\ud55c \uc5f0\uad6c\ub97c \ud560 \ubfd0\uc774\ub2e4. \uc601\uad6d\uc744 \ube44\ub86f\ud55c \ub9ce\uc740 \uc720\ub7fd \ub098\ub77c\ub4e4\uc740 \uc544\uc608 \uc790\ubcf8 \uc774\ub4dd\uc5d0 \ub300\ud574 \uc138\uae08\uc744 \ub9e4\uae30\uc9c0 \uc54a\uc73c\uba70 \uadf8\ub798\uc11c \ud1b5\uacc4\uc5d0 \ub098\ud0c0\ub098\uc9c0 \uc54a\ub294\ub2e4. \uc090\uaed8\ub760\uc758 \uc791\uc5c5\uc758 \uc911\uc694\ud55c \uacb0\uacfc\ub4e4 \uac00\uc6b4\ub370 \ud558\ub098\ub294\u2015\uc774\ub294 \uadf8\uc758 \ucc45\uc744 \uc798 \uc77d\ub294\ub2e4\uba74 \uc54c \uc218 \uc788\ub2e4\u2015\ubd80\uc758 \uaca9\ucc28\uac00 \uc18c\ub4dd\uc758 \uaca9\ucc28\ubcf4\ub2e4 \ud6e8\uc52c \ub354 \ud06c\uba70 \uc774\ub294 \ubd80\uc790\ub4e4\uc758 \uc870\uc138\ud68c\ud53c \ub54c\ubb38\uc774\ub77c\ub294 \uc810\uc774\ub2e4. \uc774\ub294 \uae30\uc5c5\uc758 \uacbd\uc6b0\uc5d0\ub3c4 \ub9c8\ucc2c\uac00\uc9c0\uc774\ub2e4. \ubbf8\uad6d\uc5d0\uc11c, \uc544\ub2c8 \uc138\uacc4\uc5d0\uc11c \uc81c\uc77c \ud070 \uae30\uc5c5\ub4e4\uc774 \uad6c\uae00\uacfc \uc560\ud50c\uc778\ub370, \uc560\ud50c\uc758 \uc18c\ub4dd \uc804\uccb4\uac00 \ubbf8\uad6d\uc774 \uc544\ub2c8\ub77c \uc544\uc77c\ub79c\ub4dc\uc5d0\uc11c \uc774\ub8e8\uc5b4\uc9c4\ub2e4. \uc774 \ubaa8\ub4e0 \uac83\uc744 \uc5b4\ub5bb\uac8c \ucde8\uae09\ud560 \uac83\uc778\uac00. \ubc14\ub85c \uc774\ub7f0 \uc810\uc774 \uc090\uaed8\ub760\uc5d0\uac8c\ub294 \ube60\uc838\uc788\ub2e4. \uc18c\ub4dd \ud1b5\uacc4\uc5d0\uc11c \ube60\uc838 \uc788\ub294 \ub610 \ud558\ub098\ub294 \uc7ac\uc0b0\uc774 \uc2e4\uc81c\ub85c \ubc94\uc8c4\uc640 \uc0ac\uae30\uc5d0 \uc758\ud574 \ud615\uc131\ub41c\ub2e4\ub294 \uc810\uc774\ub2e4. \uc090\uaed8\ub760\uc5d0\uac8c \uc88b\uc740 \uc810\uc740 \uadf8\uac00 \ud504\ub791\uc2a4 \uc18c\uc124\uac00\ub4e4\uc774\ub098 \uc601\uad6d \uc18c\uc124\uac00\ub4e4\uc774 \uacbd\uc81c\ud559\ubcf4\ub2e4 \ubd80\uc5d0 \ub300\ud574\uc11c \ud6e8\uc52c \ub354 \ub9ce\uc740 \uac83\uc744 \ub9d0\ud574\uc900\ub2e4\ub294 \uc810\uc744 \uc9c0\uc801\ud558\uace0 \uc788\ub2e4\ub294 \uac83\uc774\ub2e4. \uadf8\ub294 \uc81c\uc778 \uc624\uc2a4\ud2f4(Jane Austen)\uc774\ub098 \ubc1c\uc790\ub044\uc758 19\uc138\uae30 \uc18c\uc124\ub4e4\uc774 \uc7ac\uc0b0\uc744 \ubc84\ub294 \ubc29\ubc95\uc740 \uacb0\ud63c\uc774\ub77c\ub294 \uc810\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\ub2e4\ub294 \uac83\uc744 \uc9c0\uc801\ud588\ub2e4. \uadf8\ub7ec\ub098 \ubc1c\uc790\ub044\ub294 \ubaa8\ub4e0 \ud070 \uc7ac\uc0b0\uc758 \ub4a4\uc5d0\ub294 \ud070 \uc808\ub3c4\uac00 \uc788\ub2e4\ub294 \ub9d0\ub3c4 \ud588\ub2e4. \u300e\ud3ec\ube0c\uc2a4\u300f(<i>Forbes<\/i>)\uc5d0 \uadf8 \ubaa9\ub85d\uc774 \ub098\uc628 \ub7ec\uc2dc\uc544, \uc911\uad6d, \uc6b0\ud06c\ub77c\uc774\ub098\uc758 \ucd5c\uace0 \ubd80\uc790\ub4e4\uc740 \uc7a5\ub2f4\ucee8\ub300 \uc18c\ub4dd\uc744 \uc800\ucd95\ud574\uc11c \uc774\ub7f0 \ubd80\ub97c \ub9cc\ub4e4\uc9c0 \uc54a\uc558\ub2e4. \ub354 \ub192\uc740 \uc18c\ub4dd\uc744 \ubc88 \uac83\uc774 \uc544\ub2c8\ub2e4. \uadf8\ub4e4\uc740 \uc0ac\uae30\uc640 \ub0b4\ubd80 \ub1cc\ubb3c\uc218\uc218\ub85c \uc7ac\uc0b0\uc744 \ud6d4\ucce4\ub2e4. \ubbf8\uad6d\uc5d0\uc11c \ud070 \uc7ac\uc0b0\uc774 \ud615\uc131\ub418\ub294 \ubc29\uc2dd\uacfc \uac19\uc740 \ubc29\uc2dd\uc774\ub2e4. \ub9c8\uc774\uc5b4\uc2a4(Gustavus Myers)\uac00 \uc4f4 \u300e\ubbf8\uad6d\uc758 \uac70\ub300\ud55c \uc7ac\uc0b0\uc758 \uc5ed\uc0ac\u300f(<i>History of the Great American Fortunes<\/i>)\ub294 \ucca0\ub3c4\uac74\uc124\uc6a9\uc73c\ub85c \ubd88\ud558\ub41c \ud1a0\uc9c0\uc5d0\uc11c, \uc758\ud68c \uc758\uc6d0\uc5d0\uac8c \ub1cc\ubb3c\uc744 \uc90c\uc73c\ub85c\uc368 \uadf8\ub9ac\uace0 \ud1a0\uc9c0\ub97c \uc0ac\uc720\ud654\ud568\uc73c\ub85c\uc368 \ud070 \uc7ac\uc0b0\uc774 \ud615\uc131\ub418\uc5c8\uc74c\uc744 \ubcf4\uc5ec\uc900\ub2e4. \ud070 \uc7ac\uc0b0\uc740 <span style=\"color: #993300;\">\uc790\uc5f0\uc790\uc6d0,<\/span> \ud1a0\uc9c0, \uacf5\uc801 \ub3c4\uba54\uc778\uc744 \uc0ac\uc720\ud654\ud568\uc73c\ub85c\uc368 \ud615\uc131\ub41c\ub2e4. \ubd80\uc640 \uc18c\ub4dd\uc758 \uc9d1\uc911\uc774 \uc2e4\uc81c\ub85c \uc77c\uc5b4\ub098\uae30 \uc2dc\uc791\ud55c 1980\ub144 \uc774\ud6c4\uc758 \uc2dc\uae30, \uc090\uaed8\ub760\uac00 \ubcf4\uc5ec\uc8fc\ub294 \uc774 \uc2dc\uae30\ub294 \ubc14\ub85c \uc0c8\ucc98, \ub808\uc774\uac74, \uc610\uce5c\uc774 \ub300\ud45c\ud558\ub294 \uc0ac\uc720\ud654\uc758 \uc2dc\uae30\uc774\ub2e4.<\/p>\n<p>\u25b7<\/p>\n<p>\uc090\uaed8\ub760\ub294 \uaca9\uc2ec\ud55c \ubd88\ud3c9\ub4f1\uc758 \uc0ac\uc2e4\uc744 \ubcf4\uc5ec\uc90c\uc73c\ub85c\uc368 \ud1a0\ub860\uc744 \ucd9c\ubc1c\uc2dc\ucf30\ub2e4. \uc774\uc81c \ud544\uc694\ud55c \uac83\uc740 \uc5b4\ub5bb\uac8c \uc774\ub7f0 \ubd88\ud3c9\ub4f1\uc774 \uc0dd\uacbc\uace0 \uc6b0\ub9ac\uac00 \uc5b4\ub5bb\uac8c \ud574\uc57c \ud558\ub290\ub098\ub97c \uc124\uba85\ud558\ub294 \uac83\uc774\ub2e4. \ub2e8\uc9c0 \uc7ac\uc0b0 \uc77c\ubc18\uc5d0 \uc138\uae08\uc744 \ub9e4\uae30\ub294 \ud574\uacb0\ucc45\uc740 (\uc774\uac83\uc740 \uc2e4\ud589\ud558\uae30\uac00 \ub9e4\uc6b0 \uc5b4\ub824\uc6b4 \uac83\uc778\ub370) \uce58\ub294 \uba74\uc774 \ub108\ubb34 \ub113\uc740 \ud574\uba38\uc640 \uac19\ub2e4. \ud2b9\uc815 \uc885\ub958\uc758 \ubd80, \ud2b9\uc815 \uc885\ub958\uc758 \uc7ac\uc0b0 \ud615\uc131\uc774 \uc57d\ud0c8\uc801\uc778\ub370, \u2018\uacbd\uc81c\uc801 \ub80c\ud2b8\u2019(economic rent)\u2015\uc9c0\ub300(land rent), \uc790\uc5f0\uc790\uc6d0 \ub80c\ud2b8(natural resources rent), \ub3c5\uc810 \ub80c\ud2b8(monopoly rent), \ud639\uc740 \uae08\uc735\ubd80\ubb38\uc774 \ubc8c\uc5b4\ub4e4\uc774\ub294 \uc885\ub958\uc758 \ub3c8\u2015\uac00 \ubc14\ub85c \uadf8\uac83\uc774\ub2e4.<span style=\"color: #008080;\">[<i>J is for Junk Economics<\/i>\uc5d0\uc11c\uc758 \ud5c8\ub4dc\uc2a8 \uc790\uc2e0\uc758 \uc124\uba85\uc5d0 \ub530\ub974\uba74, \u2018\uacbd\uc81c\uc801 \ub80c\ud2b8\u2019\ub294 \uc2dc\uc7a5\uac00\uaca9\uc774 \ubcf8\ub798\uc801 \uacbd\ube44(\uac00\uce58)\ub97c \ub118\uc5b4\uc11c\ub294 \ucd08\uacfc\ubd84\uc774\ub2e4. \ube44\uc6a9\uc744 \ub4e4\uc774\uc9c0 \uc54a\uace0 \uc5bb\ub294 \ubd88\ub85c\uc18c\ub4dd\uc740 \ubaa8\ub450 \uacbd\uc81c\uc801 \ub80c\ud2b8\uc774\ub2e4.\u2015\uc815\ub9ac\uc790]<\/span> \uc090\uaed8\ub760\uc758 \ucc45\uc740 \uc774\uac83\uc744 \ub17c\uc758\ud558\uc9c0 \uc54a\uace0 \ub9c8\uc9c0\ub9c9\uc5d0 \ubd80\uc5d0 \uacfc\uc138\ub97c \ud560 \ud544\uc694\uac00 \uc788\ub2e4\uace0 \ub9d0\ud560 \ubfd0\uc774\ub2e4. \ub9de\uc9c0\ub9cc, \uc5b4\ub5bb\uac8c \uacfc\uc138\ub97c \ud560 \uac83\uc778\uac00, \ubb34\uc5c7\uc774 \uacbd\uc81c\ub97c \uc131\uc7a5\ud558\uac8c \ub9cc\ub4e4\uae30\uc5d0 \ucd5c\uace0\ub85c \uc88b\uc740 \uc885\ub958\uc758 \uc138\uae08\uc778\uac00\ub294 \ubbf8\ub798\uc758 \ub610 \ud558\ub098\uc758 \ucc45\uc758 \uc8fc\uc81c\ub85c \ub0a8\uc544 \uc788\ub2e4. \uc090\uaed8\ub760\uac00 \ub17c\uc758\ud558\uc9c0 \uc54a\uc740 \uac83 \uac00\uc6b4\ub370 \ud558\ub098\ub294, \uc7ac\uc0b0\uc744 \ud615\uc131\ud558\ub294 \ub370\uc11c \ubd80\ucc44\uac00 \ud558\ub294 \uc5ed\ud560\uc774\ub2e4. 1980\ub144 \uc774\ub798 \ud615\uc131\ub418\uae30 \uc2dc\uc791\ub41c \ubd80\uc758 \ub300\ubd80\ubd84\uc740 1980\ub144 \uc774\ud6c4 \uc774\uc790\uc728\uc774 \ub0ae\uc544\uc9c0\uba74\uc11c \uc99d\uac00\ub41c \ubd80\ucc44 \ub808\ubc84\ub9ac\uc9c0 \ub54c\ubb38\uc5d0 \uc0dd\uacbc\ub2e4. \uc810\uc810 \ub354 \ub9ce\uc740 \uc740\ud589\uc2e0\uc6a9\uc774 \ud22c\uc785\ub418\uc5b4 \ubd80\ub3d9\uc0b0 \uac00\uaca9, \uc8fc\uc2dd \uac00\uaca9, \uc99d\uad8c \uac00\uaca9, \ubaa8\ub4e0 \uc885\ub958\uc758 \uac00\uaca9\uc744 \uc62c\ub838\ub2e4. (\ubbf8\uc220\ud488 \uac00\uaca9 \uc0c1\uc2b9\ub3c4 \uc774\uc640 \ubcd1\ud589\ud588\ub2e4.) \uc18c\ub4dd\uc5d0 \ub300\ud55c \ubd80\uc758 \ube44\uc728\uc758 \uc99d\uac00\uc640 \ud568\uaed8 \uc18c\ub4dd\uc5d0 \ub300\ud55c \ubd80\ucc44\uc758 \ube44\uc728\uc758 \uc99d\uac00\uac00 \uc77c\uc5b4\ub0ac\ub2e4. \uc774 \ubd80\ucc44\uc0c1\ud0dc\uc640 \uc21c\uac00\uce58(net worth)\ub294 \ub9e4\uc6b0 \ubd88\ud3c9\ub4f1\ud558\uac8c \ubd84\ubc30\ub418\uc5b4 \uc788\uc73c\uba70 \ub300\ubd80\ubd84\uc758 \uac00\uad6c\ub4e4\uc774 \uac00\uc9c0\uace0 \uc788\ub294 \uc8fc\ub41c \uc790\uc0b0\uc740 \uc9d1\uc778\ub370, \uc774 \uc9d1 \ub610\ud55c \ud070 \uc561\uc218\uac00 \ub300\ucd9c \ub2f4\ubcf4\ub85c \uc7a1\ud600 \uc788\uc73c\uba70, \uae30\ubcf8\uc801\uc73c\ub85c 99%\uac00 1%\uc5d0\uac8c \uc774\uc790\ub97c \uc9c0\ubd88\ud55c\ub2e4. \ub0b4\uac00 \ubcf4\uae30\uc5d0 \uae08\uc735 \ubd80\ubb38\uc5d0\uc11c \uac00\uc18d\ud654\ub418\uc5b4 \uc628 \uac83\uc740 1%\uac00 99%\ub85c \ud558\uc5ec\uae08 \uc790\uc2e0\ub4e4\uc5d0\uac8c \ube5a\uc9c0\uac8c \ub9cc\ub4dc\ub294 \ub2a5\ub825\uc774\ub2e4. \uadf8\ub4e4\uc740 \uc774\ub807\uac8c \ub9d0\ud55c\ub2e4. \ubcf4\ub77c, \uc9d1\uc744 \uc0ac\uace0, \uad50\uc721\uc744 \ubc1b\uace0, \uae30\ud0c0 \uae30\ubcf8\uc801\uc778 \uc0dd\ud65c\ud544\uc218\ud488\uc744 \uc0ac\ub294 \ub370\ub85c \uc811\uadfc\ud558\ub294 \uc9c0\uc810\uc744 \uc6b0\ub9ac\uac00 \ud1b5\uc81c\ud55c\ub2e4. \uc6b0\ub9ac\uac00 \ube4c\ub824\uc8fc\uc9c0 \uc54a\uc73c\uba74 \ub2f9\uc2e0\ub4e4\uc740 \uc9d1\uc744 \uc0ac\uc9c0 \ubabb\ud558\uace0 \uad50\uc721\uc744 \ubc1b\uc9c0 \ubabb\ud558\uace0 \uc2ec\uc9c0\uc5b4 \ucc28\ub3c4 \uc0ac\uc9c0 \ubabb\ud55c\ub2e4. \uadf8\ub798\uc11c \uc6b0\ub9ac\ub294 \ub2f9\uc2e0\ub4e4\uc5d0\uac8c \ucda9\ubd84\ud55c \uc774\uc790\ub97c \ub9e4\uae38 \uac83\uc774\ub2e4. \ub2f9\uc2e0\ub4e4\uc774 \ubc84\ub294 \ub3c8\uc744 \uc0ac\uc2e4\uc0c1 \ub2e4 \uc6b0\ub9ac\uc5d0\uac8c \uc774\uc790\ub85c \uc9c0\ubd88\ud558\uac8c \ub420 \uac83\uc774\ub2e4. \uc774\uc640 \ub3d9\uc77c\ud55c \ub17c\ub9ac\ub85c \uae30\uc5c5\uc0ac\ub0e5\uafbc\ub4e4\uc740 \uae30\uc5c5\uc744 \uacf5\uaca9\ud558\uc5ec \ub354 \ub9ce\uc740 \ub3c8\uc744 \ubc30\ub2f9\uae08\uc73c\ub85c \uc9c0\ubd88\ud558\ub77c\uace0 \ub9d0\ud558\ub824\uace0 \ud55c\ub2e4. \uadf8\ub9ac\ud558\uc5ec \uc0ac\uc2e4\uc0c1 \uc2e4\uc9c8\uc801 \ubd80\uac00 \ud574\uccb4\ub418\uace0 \uac00\uacf5\uc790\ubcf8(fictitious capital) \ud639\uc740 \uac00\uacf5\uc801 \ubd80(fictitious wealth)\ub77c\uace0 \ubd88\ub9ac\ub358 \uac83\u2015\ubaa8\ub450 \uae30\ubcf8\uc801\uc73c\ub85c \ubd80\ucc44 \ub808\ubc84\ub9ac\uc9c0\ub97c \ud1b5\ud55c \ubd80\uc774\ub2e4\u2015\uc774 \uc99d\uac00\ud55c\ub2e4.<\/p>\n<p>\u25b7<\/p>\n<p>\ub3c4\uae08\uc2dc\ub300(Gilded Age<span style=\"color: #008080;\">)[\uc6d0\ub798 \ubbf8\uad6d\uc758 1880\ub144\ub300\uc640 1890\ub144\ub300\ub97c \uac00\ub9ac\ud0a4\uc9c0\ub9cc, \uc5ec\uae30\uc11c\ub294 \uadf8 \uc758\ubbf8\uac00 \uc77c\ubc18\ud654\ub418\uc5b4 \uc0ac\uc5c5\uac00\ub4e4\u00b7\uc740\ud589\uac00\ub4e4(\u2018\uac15\ub3c4\ub0a8\uc791\ub4e4\u2019robber barons)\uc774 \uacbd\uc81c\ub97c \ub9dd\uce58\uba74\uc11c \ubd80\ub97c \ucd95\uc801\ud558\ub294 \uc2dc\ub300\ub97c \uac00\ub9ac\ud0a8\ub2e4.\u2015\uc815\ub9ac\uc790]<\/span>\uac00 \ub9c9 \uc2dc\uc791\ub418\uc5c8\ub2e4\ub294 \uc090\uaed8\ub760\uc758 \uacb0\ub860\uc740 \ub9de\uc9c0\ub9cc \uadf8\uc758 \ub17c\ub9ac\ub294 \ub0b4\uac00 \ub530\ub974\ub294 \ub17c\ub9ac\uac00 \uc544\ub2c8\ub2e4. \uadf8\ub294 \uc544\ub2f4 \uc2a4\ubbf8\uc2a4(Adam Smith)\uac00 \ub9d0\ud55c \uac83\uc758 \uc815\ubc18\ub300\ub97c \ub9d0\ud558\uace0 \uc788\ub2e4. \uc2a4\ubbf8\uc2a4\ub294 \uac00\uc7a5 \ube68\ub9ac \ub9dd\ud574\uac00\ub294 \ub098\ub77c\uc5d0\uc11c \uc774\uc790\uc728\uc774 \uac00\uc7a5 \ub192\uc740 \uacbd\uc6b0\uac00 \uc885\uc885 \uc788\ub2e4\uace0 \ub9d0\ud588\ub2e4. \uc989 \ub192\uc740 \uc774\uc790\uc728\ub85c \ub9dd\ud560 \uc218\ub3c4 \uc788\uace0 \ub0ae\uc740 \uc774\uc790\uc728\ub85c \ub9dd\ud560 \uc218\ub3c4 \uc788\ub294 \uac83\uc774\ub2e4. \uc090\uaed8\ub760\ub294 \uc218\uc775\ub960(rate of return)\uc744 \ub9d0\ud558\ub294\ub370<span style=\"color: #008080;\">,[\uc090\uaed8\ub760\uac00 \ub9d0\ud558\ub294 \uc790\ubcf8\uc218\uc775\ub960(rate of return on capital)\uc740 \uc774\uc724, \ubc30\ub2f9\uae08, \uc774\uc790, \uc9c0\ub300 \ubc0f \uae30\ud0c0 \uc790\ubcf8\uc5d0\uc11c \ub098\uc624\ub294 \uc18c\ub4dd\uc744 \ub9d0\ud55c\ub2e4.\u2015\uc815\ub9ac\uc790]<\/span> \ubbf8\uad6d \ubc0f \uc5ec\ub7ec \ub098\ub77c\ub4e4\uc5d0\uc11c \uac00\uc7a5 \ud070 \ubd80\ubb38\uc740 \ubd80\ub3d9\uc0b0 \ubd80\ubb38\uc774\ub2e4. 1945\ub144\ubd80\ud130 \uc9c0\uae08\uae4c\uc9c0\ub97c \ubcf4\uba74 \ubd80\ub3d9\uc0b0 \ubd80\ubb38\uc740 \uc18c\ub4dd\uc744 \uc62c\ub9ac\uc9c0 \uc54a\ub294\ub2e4. \uc5b5\ub9cc\uc7a5\uc790\ub4e4\uc774 \ubd80\ub3d9\uc0b0\uc744 \uac1c\uc778\uc801 \uc790\uc120\uc73c\ub85c \uc6b4\uc601\ud55c\ub2e4\ub294 \uc2dd\uc774\ub2e4. \uc18c\ub4dd\uc744 \uc62c\ub9b0\ub2e4\uba74 \uc18c\ub4dd\uc138\ub97c \ub0b4\uc57c \ud560 \uac83\uc774\uace0 \uc2e0\uace0\ub97c \ud574\uc57c \ud560 \uac83\uc778\ub370, \uadf8\ub4e4\uc740 \uc18c\ub4dd\uc744 \uc62c\ub9ac\uc9c0 \uc54a\ub294 \uac83\uc774\ub2e4. \uadf8\ub4e4\uc774 \uac70\ub450\uc5b4\ub4e4\uc774\ub294 \ub80c\ud2b8(\uc784\ub300\ub8cc)\uac00 \uac70\uc758 \ubaa8\ub450 \uc774\uc790\ub85c \uc9c0\ubd88\ub418\uac70\ub098 \uac10\uac00\uc0c1\uac01 \ube44\uc6a9\uc73c\ub85c \ucc45\uc815\ub41c\ub2e4. \uadf8\ub798\uc11c \uc090\uaed8\ub760\uac00 \uc900\uac70\ud558\ub294 \uac83\uc740 &#8216;\uc774\uc790, \uc138\uae08, \uac10\uac00\uc0c1\uac01\ube44, \ubb34\ud615\uc790\uc0b0\uc0c1\uac01\ube44 \ucc28\uac10 \uc804 \uc774\uc775\u2019(Earnings Before Interest, Tax, Depreciation, and Amortization)\uc774 \uc544\ub2c8\ub77c \uadf8 \ud55c \ubd80\ubd84, \uc989 \uc138\uae08 \ube7c\uace0 \uc774\uc790 \ube7c\uace0 \uac10\uac00\uc0c1\uac01\ube44\uc640 \ubb34\ud615\uc790\uc0b0\uc0c1\uac01\ube44\ub97c \ube7c\uace0 \uc2e0\uace0\ub41c \uc218\uc785\uc774\ub2e4. \ubd80\ub3d9\uc0b0 \ub2e4\uc74c\uc73c\ub85c \ubd80\ub97c \ub9ce\uc774 \ucd95\uc801\ud55c \uacf3\uc740 \uc11d\uc720\uc0b0\uc5c5\uc774\ub2e4. \uc774\ub4e4\ub3c4 \uc18c\ub4dd\uc744 \uc2e0\uace0\ud558\uc9c0 \uc54a\ub294\ub2e4. \uc774\ub4e4\uc5d0\uac8c\ub294 \uc138\uae08\uc744 \uba74\ud558\uac8c \ud574\uc8fc\ub294 \uac10\ubaa8\uacf5\uc81c(depletion allowance)\uac00 \uc788\uac70\ub098, \uc544\ub2c8\uba74 \uc774\ub4e4\uc758 \ubaa8\ub4e0 \uc18c\ub4dd\uc740 \ud574\uc678\uc5d0\uc11c, \u2018\ud3b8\uc758\uce58\uc801\uc120\u2019(flags of convenience<span style=\"color: #008080;\">)[\uc0c1\uc120\uc758 \uc18c\uc720\uc8fc\uac00 \uc790\uc2e0\uc758 \ub098\ub77c\uc640\ub294 \ub2e4\ub978 \ub098\ub77c\uc5d0 \uc120\ubc15\uc744 \ub4f1\ub85d\ud558\ub294 \uac83\u2015\uc815\ub9ac\uc790]<\/span> \ub098\ub77c\ub4e4\uc5d0\uc11c \uc774\ub8e8\uc5b4\uc9c4\ub2e4. \uadf8\ub798\uc11c \uc790\ubcf8 \uc774\ub4dd\uc744 \ud3ec\ud568\ud55c \uc2e4\uc9c8\uc801 \ucd1d\uc218\uc785\uc740 \uc090\uaed8\ub760\uac00 \ubcf4\ub294 \ud1b5\uacc4\uc5d0 \uc7a1\ud788\uc9c0 \uc54a\ub294\ub2e4. \ub458\uc9f8, \uac00\ub839 \ubbf8\uad6d\uc758 \uad6d\ubbfc\uc18c\ub4dd\uacc4\uc815(National Income and Product Account : NIPA)\uc744 \ubcf4\uba74 1\ub144 \uc804 \ubbf8\uad6d\uc758 \ubaa8\ub4e0 \uae30\uc5c5\uc774\uc724\uc758 40%\uac00 \uc740\ud589\ub4e4, \uc989 \uae08\uc735\ubd80\ubb38\uc5d0\uc11c \uac70\ub454 \uac83\uc774\ub2e4. \uc774 \uc218\uc775\uc740 \uae30\ubcf8\uc801\uc73c\ub85c \u2018\uc774\uc804 \uc9c0\ubd88\u2019(transfer payment)\uc774\ub2e4. \uc131\uc7a5\uc5d0 \uc2e4\uc9c8\uc801\uc73c\ub85c \ubcf4\ud0ec\uc774 \ub418\uc9c0 \uc54a\ub294\ub2e4. \uae08\uc735\uc11c\ube44\uc2a4\ub294 \uc11c\ube44\uc2a4\uac00 \uc544\ub2c8\ub2e4. \ub178\uc0c1\uac15\ub3c4\uac00 \ud604\uae08\uc790\ub3d9\uc778\ucd9c\uae30 \uc55e\uc5d0 \uc788\ub294 \ub2f9\uc2e0\uc5d0\uac8c \ub2e4\uac00\uc640\uc11c \u2018\ub3c8\uc744 \ub0b4\ub193\uac70\ub098 \ubaa9\uc228\uc744 \ub0b4\ub193\uc544\ub77c\u2019\ub77c\uace0 \ub9d0\ud558\ub294 \uac83\uc774 \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\ub294 \uac83, \uc0dd\uba85\uc744 \uc8fc\ub294 \uac83\uc774\ub77c\uace0 \ubbff\ub294\ub2e4\uba74 \ubaa8\ub974\uaca0\uc9c0\ub9cc \ub9d0\uc774\ub2e4. \uadf8\ub294 \uc2e4\uc81c\ub85c \ub2f9\uc2e0\uc758 \ub3c8\uc744 \ube7c\uc557\uace0 \uc788\ub294 \uac83\uc774\ub2e4. \uadf8\ub798\uc11c \uc774 \ubaa8\ub4e0 \uae08\uc735 \ud65c\ub3d9\uacfc \ubd80\ub3d9\uc0b0 \ud22c\uae30\uac00, \uc6d4\uac00\uc5d0, \uc740\ud589 \uacbd\uc601\uc790\ub4e4 \ubc0f \uae30\uc5c5\uacbd\uc601\uc790\ub4e4\uc5d0\uac8c \uc9c0\ubd88\ub418\ub294 \uc774 \ubaa8\ub4e0 \ub3c8\uc774 \uc815\ub9d0\ub85c \uc131\uc7a5\uc778\uc9c0 \uc544\ub2c8\uba74 \uac00\uacf5\uc790\ubcf8\uc758 \ud615\uc131\uacfc \ubcd1\ud589\ud558\ub294 \uc77c\uc885\uc758 \uac00\uacf5\uc801 \uc131\uc7a5\uc778\uc9c0\uc758 \ubb38\uc81c\uac00 \uc788\ub2e4. \uc9c0\uae08 \ud1b5\uacc4\ub294 \uc810\uc810 \ub354 \ud5c8\uad6c\uc801\uc778 \uc131\uaca9\uc744 \ub760\uc5b4\uac00\uace0 \uc788\ub294\ub370, \uc790\uc2e0\ub4e4\uc758 \uc18c\ub4dd\uc5d0 \uc138\uae08\uc774 \ub9e4\uaca8\uc9c0\ub294 \uac83\uc744 \ub9c9\uae30 \uc704\ud574 \uc815\ubd80\uc5d0 \uc5c4\uccad\ub09c \uc561\uc218\uc758 \ub3c8\uc744 \uc9c0\ubd88\ud558\ub294 \uae30\uc5c5 \uc138\uae08\ub2f4\ub2f9 \ud68c\uacc4\uc0ac\ub4e4\uc5d0 \uc758\ud574 \ud1b5\uacc4\uac00 \uc791\uc131\ub418\uace0 \uc788\uc744 \uc815\ub3c4\uc774\ub2e4. \ud638\uc8fc\uc758 \ud0c4\uad11 \ubd80\ubb38\uc5d0\uc11c\ub294 \ud638\uc8fc\uc5d0\uc11c \uac00\uc7a5 \ubd80\uc720\ud55c \uc5ec\uc131\uc774 1\ub144\uc5d0 \uc218\uc2ed\uc5b5\uc744 \uac70\ub450\uc5b4\ub4e4\uc774\uba74\uc11c\ub3c4 \uc790\uc2e0\uc774 \uc18c\ub4dd\uc744 \ud55c \ud47c\ub3c4 \ubc8c\uc9c0 \uc54a\ub294\ub2e4\ub294 \uac83\uc744 \ud655\uc2e4\ud558\uac8c \ub9cc\ub4e4\uae30 \uc758\ud574 \ub9ce\uc740 \ub3c8\uc744 \uc9c0\ubd88\ud55c\ub2e4.<\/p>\n<p>\u25b7<\/p>\n<p>\ud06c\ub8e8\uadf8\uba3c(Paul Krugman)\uc740 \uc2e0\uace0\uc804\uc8fc\uc758 \uacbd\uc81c\ud559\uc790\uc774\ub2e4. \u2018\uc2e0\uace0\uc804\uc8fc\uc758\u2019\ub294 \u2018\ubc18(\u53cd)\uace0\uc804\uc8fc\uc758\u2019\ub97c \uc758\ubbf8\ud55c\ub2e4. \uadf8\ub294 \uacbd\uc81c\uc801 \ub80c\ud2b8 \uac19\uc740 \uac83\uc774 \uc788\ub2e4\ub294 \uc810\uc744 \uc778\uc9c0\ud558\uc9c0 \ubabb\ud55c\ub2e4. \uadf8\ub294 \ub610\ud55c \uc740\ud589\ub4e4\uc774 \uc2e0\uc6a9\uc744 \ucc3d\ucd9c\ud558\uc9c0 \uc54a\ub294\ub2e4\uace0 \ud55c\ub2e4. \ubaa8\ub4e0 \uc740\ud589\ub4e4\uc774 \ud558\ub294 \uc77c\uc740 \uc800\ucd95\uc744 \ub300\ucd9c\ud558\ub294 \uac83\uc774\ub77c\uace0 \ud55c\ub2e4. \uc740\ud589\ub4e4\uc774 \uc2e0\uc6a9\uc744 \ucc3d\ucd9c\ud558\uac70\ub098 \uc790\uc0b0\uac00\uaca9\uc744 \ubd80\ud480\ub9ac\ub294 \uc77c\uc740 \uc0dd\uac01\ud560 \uc218\uc870\ucc28 \uc5c6\ub2e4\uace0 \ud55c\ub2e4. \uadf8\ub798\uc11c \ud06c\ub8e8\uadf8\uba3c\uc740 \ub300\uccb4\ub85c \uc6b0\ud30c \ucabd\uc5d0 \uc758\ud574\uc11c \uadf8\ub4e4\uc774 \ucd1d\uc560\ud558\ub294 \uc790\uc720\uc8fc\uc758 \uacbd\uc81c\ud559\uc790\ub85c \ucc2c\uc591\ub41c\ub2e4. \uadf8\uac00 \uacbd\uc81c\ub97c \uc774\ud574\ud558\uae30 \ub54c\ubb38\uc774 \uc544\ub2c8\ub77c \uacbd\uc81c\ub97c \uc774\ud574\ud558\uc9c0 \ubabb\ud558\uae30 \ub54c\ubb38\uc774\ub2e4. \uadf8\uac00 \uacbd\uc81c\uac00 \uc791\ub3d9\ud558\ub294 \ubc29\uc2dd\uc744 \uc774\ud574\ud588\ub2e4\uba74, \uadf8\ub294 \ub178\ubca8\uc0c1\uc744 \ud0c0\uc9c0 \ubabb\ud588\uc744 \uac83\uc774\ub2e4. \ub178\ubca8\uc0c1\uc740 \uacbd\uc81c\uc801 \ub80c\ud2b8 \uac19\uc740 \uac83\uc774 \uc5c6\uace0 \ubd88\ub85c\uc18c\ub4dd \uac19\uc740 \uac83\uc774 \uc5c6\ub2e4\uace0 \uc8fc\uc7a5\ud558\ub294 \uc0ac\ub78c\ub4e4\uc5d0\uac8c \uc8fc\ub294 \uc0c1\uc774\uae30 \ub54c\ubb38\uc774\ub2e4. \ubc14\ub85c \uc774 \ub54c\ubb38\uc5d0 \ud06c\ub8e8\uadf8\uba3c\uc740 \ud68c\uc0ac\uc758 \uacbd\uc601\uc790\ub4e4\uc774 \ud6e8\uc52c \ub354 \ub9ce\uc774 \ubc1b\uace0 \ud6e8\uc52c \ub354 \ub9ce\uc740 \uc18c\ub4dd\uc744 \ubc84\ub294 \uac83\uc5d0 \ucd08\uc810\uc744 \ub9de\ucd98\ub2e4. \uadf8\ub294 \uc2ec\uc9c0\uc5b4 \ud1b5\uacc4\uc5d0 \ub300\ud574\uc11c\ub3c4 \ud2c0\ub838\ub2e4. \uadf8\uac00 \uc804\ubb38\uc801\uc778 \uc740\ud589 \ub85c\ube44\uc2a4\ud2b8\uc784\uc744 \uae30\uc5b5\ud558\ub77c. \uadf8\ub294 \uc740\ud589\uc5d0\uc11c \ub3c8\uc744 \ubc1b\ub294\ub2e4. \uadf8\ub294 \uc740\ud589\ub4e4\uc744 \uaddc\uc81c\ud558\ub824\ub294 \uc815\ubd80\uc5d0 \ub300\ud56d\ud558\ub294 \uc2f8\uc6c0\uc5d0 \uc740\ud589\ub4e4\uc744 \uc9c0\uc6d0\ud558\uae30 \uc704\ud574\uc11c \uc544\uc774\uc2ac\ub780\ub4dc\ub85c \uac14\ub2e4. \uc740\ud589\ub4e4\uc774 \uadf8\ub97c \uc88b\uc544\ud558\ub294 \uac83\uc740 \ubb3c\ub860 \uadf8\uac00 \uc740\ud589\uc758 \ub85c\ube44\uc2a4\ud2b8\uc774\uae30 \ub54c\ubb38\uc774\ub2e4. \uadf8\uac00 \uc9c0\uc801\ud558\ub294 \uc6d4\uac00\uc758 \uc18c\ub4dd\uc744 \ubcf4\uc790. \ubbf8\uad6d\uc758 \uc870\uc138\ubc95 \uc544\ub798\uc5d0\uc11c\ub294 \uc6d4\uac00\uc758 \uc18c\ub4dd\uc740 \uc2e4\uc9c8\uc801\uc73c\ub85c \uc77c\uc744 \ud574\uc11c \ubc8c\uc5b4\ub4e4\uc778 \uc18c\ub4dd\uc774 \uc544\ub2c8\ub2e4. \uadf8\ub4e4\uc740 \uc2a4\ud1a1\uc635\uc158\uacfc \uc99d\uad8c\ud22c\uae30\ub85c \ub300\ubd80\ubd84\uc758 \ub3c8\uc744 \ubc88\ub2e4. \uc774\ub294 \uc790\ubcf8 \uc774\ub4dd\uc73c\ub85c \uac04\uc8fc\ub418\uba70 \uc815\uc0c1\uc801\uc778 \uc18c\ub4dd\ucc98\ub7fc \uacfc\uc138\ub418\uc9c0 \uc54a\uace0 \ud6e8\uc52c \ub354 \ub0ae\uac8c \uacfc\uc138\ub41c\ub2e4. \uc774\ub294 \uac00\uacf5\uc801\uc778 \uad00\uc810, \ubb34\uc5c7\uc774 \uc18c\ub4dd\uc774\uace0 \ubb34\uc5c7\uc774 \uc18c\ub4dd\uc774 \uc544\ub2cc\uac00\ub97c \ud68c\uacc4\uc0ac\uc758 \ub208\uc73c\ub85c \ubcf4\ub294 \uad00\uc810\uc774\ub2e4. \uc138\uae08\ub2f4\ub2f9 \ud68c\uacc4\uc0ac\ub4e4\uc740 \uc815\ubd80\uc5d0 \uc5c4\uccad\ub09c \ub3c8\uc744 \uba39\uc5ec \ub0a9\uc138(\uc18c\ub4dd\uc138)\uc2e0\uace0\uc11c\uc758 \ubc94\uc8fc\ub4e4\uc744 \uc65c\uace1\ud558\uace0 \ub9c8\uce58 \ubd80\uac00 \uc2e4\uc81c\ub85c \uc874\uc7ac\ud558\uc9c0 \uc54a\ub294 \uac83\ucc98\ub7fc \ub9cc\ub4e4\uc5c8\ub2e4. \uadf8\ub798\uc11c \uadf8\ub4e4\uc740 \uae08\uc735 \ud615\ud0dc\uc758 \ubd80\ub97c \uac00\uc2dc\uc801\uc778 \ubd80\ub3d9\uc0b0\uacfc \ub300\uc870\uc801\uc73c\ub85c \ube44\uac00\uc2dc\uc801 \ubd80\ub77c\uace0 \ubd80\ub978\ub2e4. \ubd80\uc720\ud55c \uc790\ub4e4\uc758 \uc0dd\uac01\uc740 \uadf8\ub4e4\uc758 \ubd80\ub97c \ube44\uac00\uc2dc\uc801\uc73c\ub85c \ub9cc\ub4dc\ub294 \uac83\uc774\ub2e4. \ub9cc\uc77c \ub208\uc5d0 \ub728\uc778\ub2e4\uba74 \uc138\uae08\uc774 \ub9e4\uaca8\uc9c8 \uac83\uc774\uace0 \uc0ac\ub78c\ub4e4\uc758 \uc6d0\ub9dd\uc744 \uc0b4 \uac83\uc774\uae30 \ub54c\ubb38\uc774\ub2e4. \uc090\uaed8\ub760\uac00 \ud55c \uac83\uc740 \uc774 \ubd80\ub97c \uac00\uc2dc\ud654\ud55c \uac83\uc774\ub2e4. \uc801\uc5b4\ub3c4 \uadf8\ub294 \ubd80 \ud1b5\uacc4\uc5d0 \uc758\ud574 \u2018\ubcf4\ub77c, \uc800\uae30 \ubd80\uac00 \uc788\uace0 \uc6b0\ub9ac\ub294 \uadf8\uac83\uc744 \uce21\uc815\ud560 \uc218 \uc788\uc73c\uba70 \uc6b0\ub9ac\uac00 \uc5bc\ub9c8\ub098 \ubd88\ud3c9\ub4f1\ud55c\uc9c0\ub97c \ubcfc \uc218 \uc788\ub2e4\u2019\uace0 \ub9d0\ud55c \uac83\uc774\ub2e4. \uc6b0\ub9ac\uac00 \ubcf4\uc9c0 \ubabb\ud558\ub294 \uac83\uc740 \uadf8\ub4e4\uc774 \uc5b4\ub5bb\uac8c \uc774 \ubd80\ub97c \ud68d\ub4dd\ud588\ub294\uac00\uc774\ub2e4. \uc6b0\ub9ac\uac00 \ubcfc \uc218 \uc788\ub294 \uac83\uc740 \uc774 \ubd80\uc5d0 \ub300\uc751\ud558\ub294 \ubaab\uc774 \uc18c\ub4dd\uc5d0\uc11c \ubc1c\uacac\ub418\ub294 \uc815\ub3c4\ub97c \ubc18\uc601\ud558\ub294 \uc18c\ub4dd\uc138 \uba85\uc138\uc11c\ubfd0\uc774\ub2e4. \uc774\ub294 \ub9c8\uce58, \uc5f4\uc1e0\ub97c \ub5a8\uc5b4\ub728\ub838\ub294\ub370 \ub5a8\uc5b4\ub728\ub9b0 \uacf3\uc744 \ubcf4\uc9c0 \uc54a\uace0 \ube5b\uc774 \uc788\ub294 \uacf3\uc744 \ubcf4\ub294 \uac83\uacfc \uac19\ub2e4. \uadf8\uac00 \uc791\uc5c5\ud560 \ud1b5\uacc4\uc790\ub8cc\ub294 \uc18c\ub4dd\uc138 \uae30\ub85d\ubfd0\uc774\uba70 \uadf8\ub294 \uae30\uc220\uc801\uc73c\ub85c \uc5c4\uccad\ub09c \uc791\uc5c5\uc744 \ud574\ub193\uc558\ub2e4. \ucd9c\ubc1c\uc810\uc774 \ub420 \uc218 \uc788\ub294 \uc791\uc5c5\uc774\ub2e4. \uadf8\ub7ec\ub098 \uadf8 \ud1b5\uacc4\ub97c \ub2e4\uc2dc \ucc98\ub9ac\ud558\uc5ec \ud480\uc5b4\ub0b4\uace0 \ubb34\uc5c7\uc774 \uadf8 \ub4a4\uc758 \uc2e4\uc81c \ud604\uc2e4\uc778\uc9c0\ub97c \ucc3e\uc544\ub0b4\ub294 \ub370 \ud6e8\uc52c \ub354 \ub9ce\uc740 \uc2dc\uac04\uc744 \ub4e4\uc5ec\uc57c \ud55c\ub2e4. \uc774 \uc6d4\uac00\uc640 \uae08\uc735 \uacbd\uc601\uc790\ub4e4\ub85c \ud558\uc5ec\uae08 \uc18c\ub4dd\uc744 \uac70\ub450\ub294 \uac83\uc744 \uac00\ub2a5\ud558\uac8c \ud55c \uc790\ubcf8 \uc774\ub4dd\uc774 \ubb34\uc5c7\uc778\uc9c0\ub97c \ub9d0\ud574\uc57c \ud55c\ub2e4. \uadf8\ub4e4\uc758 \uacc4\uc57d\uc740 \ub9e4\uc6b0 \ubd84\uba85\ud558\ub2e4. \uae30\uc5c5\uacbd\uc601\uc790\uc758 \uc18c\ub4dd\uc740 \uc8fc\uc2dd \uac00\uaca9\uc5d0 \uc5f0\uacb0\ub418\uc5b4 \uc788\ub2e4. \uadf8\ub4e4\uc740 \ubcf4\ub108\uc2a4\ub97c \ubc1b\uac70\ub098 \uc544\ub2c8\uba74 \uc2a4\ud1a1\uc635\uc158\uc744 \ubc1b\ub294\ub2e4. \ub9cc\uc77c \uadf8\ub4e4\uc774 \uc8fc\uc2dd\uac00\uaca9\uc5d0 \uae30\ubc18\uc744 \ub454 \ubcf4\ub108\uc2a4\ub97c \ubc1b\ub294\ub2e4\uba74 \uadf8\ub4e4\uc740 \uae30\uc5c5\uc758 \uc218\uc785\uc744 \uc5b4\ub5bb\uac8c \ud560 \uac83\uc778\uac00? \uadf8\ub4e4\uc740 \uae30\uc5c5\uc758 \uc18c\ub4dd\uc744 \ubc1b\uace0 \uc0c8\ub85c\uc6b4 \uc7a5\ube44\uc640 \uc124\ube44\uc5d0 \ud22c\uc790\ud558\ub294 \ub300\uc2e0\uc5d0, \uc0c8\ub85c\uc6b4 \uc2dc\uc7a5\uc744 \uac1c\ubc1c\ud558\ub294 \ub300\uc2e0\uc5d0, \ub354 \ub9ce\uc774 \uc0dd\uc0b0\ud558\ub294 \ub300\uc2e0\uc5d0, \uc790\ubcf8 \ud22c\uc790 \ub300\uc2e0\uc5d0 \ub2e8\uc9c0 \uc790\uae30 \ud68c\uc0ac\uc758 \uc8fc\uc2dd\uc744 \ub9e4\uc785\ud558\ub294 \ub370 \ub3c8\uc744 \uc0ac\uc6a9\ud560 \uac83\uc774\ub2e4. \uc8fc\uc2dd\uc744 \ub9e4\uc785\ud558\uba74 \uc8fc\uc2dd \uac00\uaca9\uc774 \uc62c\ub77c\uac00\uace0 \uadf8\ub4e4\uc740 \u2018\ubcf4\ub77c, \ub098\uc758 \ud68c\uc0ac \uacbd\uc601\uc774 \uc5b4\ub5bb\uac8c \uc8fc\uc2dd\uac00\uaca9\uc744 \uc62c\ub838\ub294\uc9c0\ub97c, \uadf8\ub7ec\ub2c8 \ub098\uc5d0\uac8c \ub354 \ub192\uc740 \ubcf4\uc218\uc640 \uc2a4\ud1a1\uc635\uc158\uacfc \ubcf4\ub108\uc2a4\ub97c \ub2ec\ub77c\u2019\uace0 \ub9d0\ud55c\ub2e4. \uadf8\ub798\uc11c \uc774 \uc790\ubcf8 \uc774\ub4dd, \uc774 \uacf5\uc9dc \uc810\uc2ec(\ubd88\ub85c\uc18c\ub4dd)\uc5d0 \uacfc\uc138\ud558\uc9c0 \ubabb\ud558\ub294 \uac83\uc740 \uacbd\uc81c\uc758 \uc65c\uace1\uc744 \ub0b3\uace0, \uc774\uac83\uc774 \uc090\uaed8\ub760\uac00 \ub2e4\ub8ec \ud1b5\uacc4\ub97c \uc0b0\ucd9c\ud55c\ub2e4.<\/p>\n<p>\u25b7 [\uc090\uaed8\ub760\uc758 \ucc45\uc774 \ub9d1\uc2a4\uc758 \u300e\uc790\ubcf8\ub860\u300f\uc744 \uacc4\uc2b9\ud55c \uac83(\u201ca retake of Marx\u2019s <i>Das Kapital<\/i>\u201d)\uc774\ub77c\ub294 \uacac\ud574\uc5d0 \ub300\ud574\uc11c]<\/p>\n<p>\uadf8\ub807\uac8c \uc0dd\uac01\ud558\uc9c0 \uc54a\ub294\ub2e4. \uadf8\uac00 \ud64d\ubcf4\uc0c1\uc73c\ub85c\ub294 \uadf8\ub807\uac8c \ubd80\ub97c \uc218 \uc788\uc73c\ub098 \uc774 \ucc45\uc740 \ub9d1\uc2a4\uc640\ub294 \uc544\ubb34\ub7f0 \uad00\uacc4\uac00 \uc5c6\ub2e4. \ub9d1\uc2a4\uc758 \u300e\uc790\ubcf8\ub860\u300f\uc740 \uac10\uac00\uc0c1\uac01(depreciation)\uc5d0 \uae30\ubc18\uc744 \ub454\ub2e4. \uc0ac\uc720\ud654\uc640 \uc0ac\uae30\ub97c \uc758\ubbf8\ud558\ub294 \u2018\uc2dc\ucd08 \ucd95\uc801\u2019\uc774\ub77c\ub294 \uc6a9\uc5b4\ub97c \ub9cc\ub4e4\uc5b4\ub0b8 \uc0ac\ub78c\uc774 \ub9d1\uc2a4\uc774\ub2e4. \uc090\uaed8\ub760\uc758 \ubd84\uc11d\uc740 (\uadf8\uc758 \ubd80\ubaa8\uac00 \ud2b8\ub85c\uce20\ub07c\uc8fc\uc758\uc790\ub77c\ub294 \uc0ac\uc2e4\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0) \ub9d1\uc2a4\uc640\ub294 \uc644\uc804\ud788 \ub2e4\ub974\ub2e4.<\/p>\n<p><span style=\"color: #008080;\">[\u2460 \uac10\uac00\uc0c1\uac01\uc740 \uc790\ubcf8 \ud22c\uc790, \uac74\ubb34, \uc7a5\ube44 \uae30\uc220\uc5d0 \ub4e4\uc5b4\uac00\ub294 \ube44\uc6a9\uc744 \ub2e4\uc2dc \ucc44\uc6b0\uae30 \uc704\ud574\uc11c \uc2e0\uace0\ub418\ub294, \uc18c\ub4dd\uc5d0\uc11c \uacf5\uc81c\ud558\ub294 \ud68c\uacc4\ud56d\ubaa9\uc774\ub2e4. \uc774\ub294 \uc6d0\ub798 \ud22c\uc790\ub41c \uc790\ubcf8\uc758 \uc591\uc744 \ub2e4\uc2dc \ud68c\uc218\ud558\ub294 \uac83\uc73c\ub85c\uc11c \ud22c\uc790\ub41c \uc790\ubcf8\uc5d0 \ucd94\uac00\ub418\ub294 \uc774\uc724\uacfc\ub294 \ub2e4\ub974\ub2e4. \ud5c8\ub4dc\uc2a8\uc758 \ucc45 <i>J is for Junk Economics<\/i>\uc758 \u2018\uac10\uac00\uc0c1\uac01\u2019 \ud56d\ubaa9\uc758 \ud55c \ub300\ubaa9\uc740 \uc774\ub807\ub2e4. \u201c\uac10\uac00\uc0c1\uac01\uc740 \uce7c \ub9d1\uc2a4\uc5d0 \uc758\ud574 \ucc98\uc74c \uac00\uce58\uc774\ub860\uc5d0 \ucd94\uac00\ub418\uc5c8\ub2e4. \ub9d1\uc2a4\ub294 \uaed8\ub124Quenay\uc758 \uacbd\uc81c\ud45c\ub97c \ube44\ud310\ud558\uba74\uc11c \uaed8\ub124\uac00 \uace1\ubb3c \uac00\uc6b4\ub370 \uc885\uc790\ub85c \ub530\ub85c \ub5bc\uc5b4 \uc790\ubcf8\ube44\ucd95\uace0\ub97c \uc720\uc9c0\ud558\uace0 \ub2e4\uc74c \ud574 \ud30c\uc885\uc5d0 \uc4f8 \ubaab\uc744 \ubb34\uc2dc\ud588\uc74c\uc744 \uc9c0\uc801\ud588\ub2e4.\u201d \u2461 \ud765\ubbf8\ub86d\uac8c\ub3c4 \ud5c8\ub4dc\uc2a8\uc758 \uc544\ubc84\uc9c0\ub3c4 \ud2b8\ub85c\uce20\ub07c\uc8fc\uc758\uc790\uc774\uba70, \ud5c8\ub4dc\uc2a8\uc774 \ud0dc\uc5b4\ub09c \ubbf8\ub2c8\uc560\ud3f4\ub9ac\uc2a4\ub294 \ub2f9\uc2dc \ubbf8\uad6d \uc720\uc77c\uc758 \ud2b8\ub85c\uce20\ub07c\uc8fc\uc758 \ub3c4\uc2dc\uc600\ub2e4.\u2015 \uc815\ub9ac\uc790]<\/span><\/p>\n<p>\u25b7 [\ub9d1\uc2a4\uc8fc\uc758\uc5d0\uc11c \uac00\uc7a5 \uc911\uc694\ud55c \uacbd\uc81c\uc801 \ubc95\uce59\uc774 \uc774\uc724\uc728 \uc800\ud558 \uacbd\ud5a5\uc774\ub77c\ub294 \ub9d0\uc5d0 \ub300\ud574\uc11c]<\/p>\n<p>\uadf8\ubcf4\ub2e4 \ub354 \uc624\ud574\ub41c \uac83\uc740 \uc5c6\ub2e4. \ub9d1\uc2a4\uac00 \ub9d0\ud55c \uac83\uc740 \uc790\ubcf8\uc774 \uc0dd\uc0b0\uc744 \uae30\uacc4\ud654\ud568\uc73c\ub85c\uc368 \ub178\ub3d9\uc5d0 \ube44\ud574 \uc99d\uac00\ud560\uc218\ub85d \uc774\uc724\ubcf4\ub2e4\ub294 \uac10\uac00\uc0c1\uac01\uc758 \ud615\ud0dc\ub85c \ud68c\uc218\ub418\ub294 \uc790\ubcf8\uc774 \uc591\uc774 \uc810\uc810 \ub354 \ub9ce\uc544\uc9c4\ub2e4\ub294 \uac83\uc774\ub2e4. \ub9d1\uc2a4\ub294 \ube44\uc6a9\ud68c\uacc4\uc5d0 \ub300\ud574\uc11c \ub9d0\ud558\uace0 \uc788\ub294 \uac83\uc774\ub2e4. \uadf8\ub294 \uc911\ub18d\uc8fc\uc758\uc790\ub4e4\uacfc \uaed8\ub124\ub97c \ube44\ud310\ud558\uace0 \uc788\ub294 \uac83\uc774\ub2e4.<\/p>\n<p>\uaed8\ub124\uc758 \uacbd\uc81c\ud45c\ub294 \uacbd\uc81c\uc5d0\uc11c \uc18c\ub4dd\uc758 \uc21c\ud658, \uc9c0\uc8fc\ub4e4\uc774 \ubc1b\uc740 \uc9c0\ub300\uc758 \uc21c\ud658\uc744 \ub9d0\ud55c\ub2e4. \uc9c0\uc8fc\ub4e4\uc740 \uc77c\ubd80\ub294 \uc18c\ube44\ud558\uace0 \uc77c\ubd80\ub294 \uc9c0\ucd9c\ud558\ub294\ub370, \uc5ec\uae30\uc11c \ube60\uc9c4 \uac83\uc740 \uc9c0\ub300\uc18c\ub4dd\uc5d0\uc11c \uc0c8 \uc885\uc790 \uace1\ubb3c\uc744 \uc0ac\ub294 \ub370 \uc9c0\ucd9c\ub418\uc5b4\uc57c \ud558\ub294 \uc591\uc774\ub2e4. \ub9d1\uc2a4\ub294, \uacf5\uc7a5\uc81c \uc0dd\uc0b0\uc744 \ud558\ub294 \uc0b0\uc5c5\uc790\ubcf8\uc8fc\uc758\uc5d0\uc11c\ub294 \uae30\uacc4\uac00 \uc788\ub294 \uacf5\uc7a5\uc744 \uc9d3\ub294 \ub370 \ubc31\ub9cc \ub2ec\ub7ec\ub97c \uc4f0\uace0 \uadf8\uac83\uc73c\ub85c \uc774\uc724\uc744 \ucc3d\ucd9c\ud560 \uac83\uc774\ub77c\uba74 \ud22c\uc790\ub41c \ubc31\ub9cc \ub2ec\ub7ec\uc5d0 \ub300\ud55c \uc774\uc724(5%, \uc989 1\ub144\uc5d0 5\ub9cc\uc774\ub77c\uace0 \uce58\uc790)\ub9cc \uc5bb\ub294 \uac83\uc774 \uc544\ub2c8\ub77c \ubc31\ub9cc \ub2ec\ub7ec\ub3c4 \ud68c\uc218\ub418\uc5b4\uc57c \ud55c\ub2e4\uace0 \ub9d0\ud55c\ub2e4. \uacf5\uc7a5\uacfc \uc7a5\ube44\uac00 \ub9c8\ubaa8\ub418\uac70\ub098 \ub178\ud6c4\ud574\uc9c0\uae30 \ub54c\ubb38\uc774\ub2e4. \ub530\ub77c\uc11c \ucc45\uc815\ub418\ub294 \uac00\uaca9\uc5d0\ub294 \uc774\uc724\ubd84\ub9cc\uc774 \ud3ec\ud568\ub418\ub294 \uac83\uc774 \uc544\ub2c8\ub77c \ud22c\uc790\ub41c \uc790\ubcf8\uc758 \ud68c\uc218\ubd84\ub3c4 \ud3ec\ud568\ub41c\ub2e4. \uadf8\ub798\uc11c \ub9d1\uc2a4\uac00 \uc774\uc724\uc728 \uc800\ud558\ub97c \uc124\uba85\ud558\ub294 \ub300\ubaa9\uc744 \uc9c1\uc811 \uc77d\uc9c0 \uc54a\uc740 \uac70\uc758 \ubaa8\ub4e0 \uc0ac\ub78c\ub4e4\uc774 \uc798\ubabb\ub41c \uc774\ud574\ub97c \ud558\uac8c \ub418\ub294 \uac83\uc774\ub2e4. \ub098\ub294 \uc774 \ubaa8\ub4e0 \uac83\uc744 \ub098\uc758 \ucc45 \u300e\uac70\ud488\uacfc \uadf8 \ub108\uba38\u300f(<i>Bubble and Beyond<\/i>, 2012)\uc5d0\uc11c \uc124\uba85\ud588\ub2e4. \uadf8\ub7f0\ub370 \ub9d1\uc2a4\uc8fc\uc758\uc790\uac00 \uc544\ub2cc \uc0ac\ub78c\uc774 \ub9d1\uc2a4\uc5d0 \ub300\ud574\uc11c, \uadf8\ub9ac\uace0 \uc774\uc724\uc728 \uc800\ud558\uc5d0 \ub300\ud574\uc11c \ub9d0\ud560 \ub54c\uc5d0\ub294 \uadf8\ub0e5 \uadf8 \uc790\ub9ac\ub97c \ubc97\uc5b4\ub098\uc57c \ud55c\ub2e4. \uadf8\ub4e4\uc740 \uc790\uc2e0\ub4e4\uc774 \ub9d0\ud558\ub294 \uac83\uc744 \uc774\ud574\ud560 \ub2e8\uc11c\ub97c \uac00\uc9c0\uace0 \uc788\uc9c0 \uc54a\ub2e4.<\/p>\n<p><span style=\"color: #008080;\">[\uc5ec\uae30\uc11c \ud5c8\ub4dc\uc2a8\uc774 \ub9d0\ud558\ub294 \uac83\uc740 \uacbd\uc81c\ud559\uc774\ub77c\ub294 \uc804\ubb38\ubd84\uc57c\uc758 \ud2c0 \ub0b4\uc5d0\uc11c\uc758 \uac83\uc774\ub2e4. \uc5ec\uae30\uc5d0 \ucd94\uac00\ub418\uc5b4\uc57c \ud560 \uac83\uc774 \uc788\ub2e4. \ub9d1\uc2a4\ub294 \u300e\uc790\ubcf8\ub860\u300f 3\uad8c 14\uc7a5 \u300c\ubc95\uce59 \uadf8 \uc790\uccb4\u300d\uc5d0\uc11c \uc774\ub807\uac8c \ub9d0\ud55c\ub2e4. \u201c\uc77c\ubc18\uc801 \uc774\uc724\uc728\uc758 \uc810\uc9c4\uc801\uc778 \uc800\ud558\uacbd\ud5a5\uc740 \ub178\ub3d9\uc758 \uc0ac\ud68c\uc801 \uc0dd\uc0b0\ub825\uc758 \uc810\uc9c4\uc801 \ubc1c\ub2ec\uc758 \ud45c\ud604\u2015\uc790\ubcf8\uc8fc\uc758\uc801 \uc0dd\uc0b0\uc591\uc2dd\uc5d0 \ud2b9\uc720\ud55c \ud45c\ud604\u2015\uc5d0 \ubd88\uacfc\ud558\ub2e4.\u201d \uc774\uc724\uc728 \uc800\ud558 \uacbd\ud5a5\uc774\ub780 \uc0dd\uc0b0\uc790\uc758 \uc0dd\uc0b0\ub2a5\ub825\uc774 \ub192\uc544\uc9c0\ub294 \uacfc\uc815\uc758 \uc790\ubcf8\uc8fc\uc758\uc801 \ud45c\ud604\uc5d0 \ubd88\uacfc\ud558\ub2e4\ub294 \ub9d0\uc774\ub2e4. \uc0dd\uc0b0\uc790\uc758 \uc0dd\uc0b0\ub2a5\ub825\uc740 \uc790\ubcf8\uc8fc\uc758\uc801 \uc0dd\uc0b0\ubc29\uc2dd\uc5d0\uc11c\ub294 \uc18c\uc678\uc758 \ud615\ud0dc\ub85c \uc989 \uc790\ubcf8\uc758 \ud798\uc73c\ub85c \ub098\ud0c0\ub098\uace0, \uc774\uac83\uc774 \uc790\ubcf8(\ud654\ud3d0\uc790\ubcf8)\uc758 \ubb3c\uc2e0\ud654\ub97c \ub0b3\ub294\ub2e4. \uc790\ubcf8\uc8fc\uc758 \ub108\uba38\uc758 \uc138\uacc4\uc5d0\uc11c\ub294 \uc0dd\uc0b0\uc790\uc758 \uc0dd\uc0b0\ub2a5\ub825\uc774 \ub192\uc544\uc9c0\ub294 \uacfc\uc815\uc774 \uc774\uc640\ub294 \ub2e4\ub978 \uc2dd\uc73c\ub85c \ud45c\ud604\ub420 \uac83\uc774\ub2e4. \ubb3c\ub860 \uc6b0\ub9ac\uc5d0\uac8c\ub294 \uc544\uc9c1 \uc790\ubcf8\uc744 \ub118\uc5b4\uac00\ub294 \uacfc\uc815\uc774 \ud604\uc2e4\uc801 \uacfc\uc81c\ub85c\uc11c \uc8fc\uc5b4\uc838 \uc788\ub294\ub370, \ub9d1\uc2a4\uac00 \ub298 \ub9d0\ud55c \ub300\ub85c \uc6b0\ub9ac\ub85c \ud558\uc5ec\uae08 \uc790\ubcf8\uc744 \ub118\uc5b4 \uc0c8\ub85c\uc6b4 \uc138\uc0c1\uc73c\ub85c \ub098\uc544\uac00\uac8c \ud560 \uc870\uac74\ub3c4 \uc0dd\uc0b0\uc790\uc758 \ub192\uc544\uc9c4 \uc0dd\uc0b0 \ub2a5\ub825 \uc774\uc678\uc758 \ub2e4\ub978 \uacf3\uc5d0 \uc788\uc9c0 \uc54a\ub2e4. \u300e\uc815\uce58\uacbd\uc81c\ud559 \ube44\ud310 \uc694\uac15\u300f\uc5d0\uc11c \ub9d1\uc2a4\ub294 \u2018\uc0ac\ud68c\uc801 \uac1c\uc778\u2019\uacfc \u2018\uc77c\ubc18\uc9c0\uc131\u2019\uc744 \ub9d0\ud558\ub294\ub370, \uc804\uc790\ub294 \uc0dd\uc0b0\ub2a5\ub825\uc774 \ub192\uc544\uc9c4 \uc8fc\uccb4\uc131(\uc0dd\uc0b0\uc790)\uc758 \ud2b9\uc131\uc744 \uac00\ub9ac\ud0a4\uace0 \ud6c4\uc790\ub294 \uadf8 \ub2a5\ub825\uc774 \uae30\uacc4(\ub9d1\uc2a4\uc758 \uc2dc\ub300\uc5d0\ub294 \ucef4\ud4e8\ud130\uac00 \uc5c6\uc5c8\uc9c0\ub9cc, \uc9c0\uae08\uc774\ub77c\uba74 \ub514\uc9c0\ud138 \uc7a5\ube44\ub4e4\uc774 \uc5ec\uae30\uc11c \ub9d0\ud558\ub294 \u2018\uae30\uacc4\u2019\uc758 \uc8fc\ub41c \uad6c\uc131\ubd80\ubd84\uc774 \ub420 \uac83\uc774\ub2e4)\ub97c \ud1b5\ud574 \uad6c\ud604\ub418\ub294 \uce21\uba74\uc744 \uac00\ub9ac\ud0a8\ub2e4. \uc774\uc5d0 \uad00\ud574\uc11c\ub294 \ub124\uadf8\ub9ac\uc640 \ud558\ud2b8\uac00 \u300e\ub2e4\uc911\u300f, \u300e\uacf5\ud1b5\uccb4\u300f\ub4f1\uc758 \uc800\uc791\uc5d0\uc11c \uc774\ubbf8 \ucda9\ubd84\ud788 \ub9d0\ud574\ub193\uc558\ub2e4.\u2015\uc815\ub9ac\uc790]<\/span><\/p>\n<p>\u25b7<\/p>\n<p>[\uac10\uac00\uc0c1\uac01\uc5d0\ub294 \uacfc\uc138\uac00 \ub418\uc9c0 \uc54a\ub294 \uac83\uc5d0 \ub300\ud574]<\/p>\n<p>\ubd80\ub3d9\uc0b0\uc758 \uacbd\uc6b0\uc5d0\ub294 \ub354 \uae30\uad34\ud558\ub2e4. \ubbf8\uad6d\uc5d0\uc11c\ub294 \ubd80\ub3d9\uc0b0\uc758 \uac00\uce58\uac00 \uc0c1\uc2b9\ud558\ub294 \ub3d9\uc548\uc5d0\ub3c4 \uac74\ubb3c\uc774 \uc2e4\uc81c\ub85c \uac00\uce58\ub97c \uc0c1\uc2e4\ud558\ub294 \ucc99\ud560 \uc218 \uc788\ub2e4. \uac74\ubb3c\uc5d0 \uc218\uba85\uc774 \uc788\uc5b4\uc11c \uac74\ubb3c\uc8fc\uac00 \uc790\ubcf8\uc744 \ud68c\uc218\ud560 \uc218 \uc788\uae30 \ub54c\ubb38\uc774\ub2e4. \ub9c8\uce58 \ubd80\ub3d9\uc0b0(\uc774\ub294 \uc2e4\uc81c\ub85c \ud1a0\uc9c0\ub97c \uc758\ubbf8\ud55c\ub2e4)\uc774 \uae30\uacc4\ucc98\ub7fc \ub9c8\ubaa8\ub418\uac70\ub098 \ucef4\ud4e8\ud130\ucc98\ub7fc \ub178\ud6c4\ud654\ub418\ub294 \uc591 \ub9d0\uc774\ub2e4. \uc774\uac83\uc740 \ub9d0\uc774 \uc548 \ub41c\ub2e4. \ub0b4\uac00 \uc0ac\ub294 \ub274\uc695\uc2dc\uc5d0\ub294 \uac74\ubb3c\uc774 \uc624\ub798\ub420\uc218\ub85d \ub354 \uac00\uce58\uac00 \uc788\ub2e4. \ub2f3\uc544 \uc5c6\uc5b4\uc9c0\ub294 \uac83\uc774 \uc544\ub2c8\ub77c \uc720\uc9c0\uad00\ub9ac\ub418\uae30 \ub54c\ubb38\uc774\ub2e4. \ub300\ubd80\ubd84\uc758 \uac74\ubb3c\uc8fc\ub4e4\uc740 \uc18c\ub4dd\uc758 \uc57d 10%\ub97c \uac74\ubb3c\uc758 \uc720\uc9c0\ubcf4\uc218\uc5d0 \uc9c0\ucd9c\ud55c\ub2e4. \uadf8\ub7f0\ub370 \uac74\ubb3c\uc8fc\ub4e4\uc740 \uac74\ubb3c\uc774 \ub2f3\uc544 \uc5c6\uc5b4\uc9c0\ub294 \uc591 \uac10\uac00\uc0c1\uac01\uc744 \uc801\uc6a9\ud558\uace0 \uadf8 \ub54c\ubb38\uc5d0 \uadf8\ub4e4\uc740 \uc774\uc724\uc744 \ubc84\ub294 \uac83\uc774 \uc544\ub2c8\ub77c \uc790\ubcf8\uc744 \ud68c\uc218\ud560 \ubfd0\uc774\ub77c\uace0 \uc8fc\uc7a5\ud55c\ub2e4. \uadf8\ub9ac\uace0 \uac74\ubb3c\uc744 \uc644\uc804\ud788 \uac10\uac00\uc0c1\uac01\ud55c \ub2e4\uc74c\uc5d0 \uadf8\uac83\uc744 \uc11c\ub85c \ud314\uac70\ub098 \uc790\uc2e0\uc774 \ub2e4\uc2dc \uc0ac\uc11c \uc804\uccb4 \uacfc\uc815\uc744 \ub2e4\uc2dc \uc2dc\uc791\ud55c\ub2e4. \uadf8\ub798\uc11c \uac19\uc740 \uac74\ubb3c\uc774 \uacc4\uc18d\ud574\uc11c \ub2f3\uc544 \uc5c6\uc5b4\uc9c0\ub294 \uc591 \uacc4\uc18d\ud574\uc11c \uac10\uac01\uc0c1\uac01\ud55c\ub2e4. \uacc4\uc18d \uad50\uccb4\ub418\ub294 \uc18c\uc720\uc8fc\ub4e4\uc740 \uc774\uc5d0 \ub300\ud574 \uc138\uae08\uc744 \ub0bc \ud544\uc694\uac00 \uc5c6\ub294 \uac83\uc774\ub2e4.<\/p>\n<p>\u25b7 [\ud5c8\ub4dc\uc2a8\uc774 \uc774\uc724\uc728 \uc800\ud558 \uacbd\ud5a5\uc774 \ubd80\uc758 \uaca9\ucc28\uc5d0 \ub300\ud55c \ubd84\uc11d\uc73c\ub85c\uc11c \uc544\uc9c1\ub3c4 \ud0c0\ub2f9\ud558\ub2e4\uace0 \ubcf4\ub294 \uac83 \uac19\ub2e4\ub294 \ub9d0\uc5d0 \ub300\ud574]<\/p>\n<p>\ub9d1\uc2a4\ub294 \uce90\uc2dc\ud50c\ub85c(cash flow) \uc77c\ubd80\uc758 \uad6c\uc131\uc5d0 \ub300\ud574\uc11c \ub9d0\ud588\ub2e4. (\uce90\uc2dc\ud50c\ub85c\ub294 \u2018\uc774\uc790, \uc138\uae08, \uac10\uac00\uc0c1\uac01\ube44, \ubb34\ud615\uc790\uc0b0\uc0c1\uac01\ube44 \ucc28\uac10 \uc804 \uc774\uc775\u2019\uc774\ub2e4.) \uce90\uc2dc\ud50c\ub85c \ub0b4\uc5d0\uc11c\ub294 \uc790\ubcf8\uc774 \uae30\uacc4\ub97c \uc0ac\uc6a9\ud558\uc5ec \ub354 \uc790\ubcf8 \uc9d1\uc57d\uc801\uc774 \ub418\ub294 \uc815\ub3c4\ub85c \uac10\uac00\uc0c1\uac01\uc758 \uc5ed\ud560\uc774 \uc774\uc724\uc5d0 \ub300\ube44\ud558\uc5ec \uc0c1\uc2b9\ud55c\ub2e4\uace0 \ub9d1\uc2a4\ub294 \ub9d0\ud588\ub2e4. \ub530\ub77c\uc11c \ud575\uc2ec\uc740 \uc790\ubcf8\uc758 \ud68c\uc218\uc640 \ub178\ub3d9\uace0\uc6a9 \ub4f1\uc5d0 \uc9c0\ucd9c\ub41c \uac83\uc758 \uc218\uc775\uc758 \uad00\uacc4\uc774\ub2e4.<span style=\"color: #008080;\">[\uc5ec\uae30\uc11c \ub04a\uaca8\uc11c \ub2e4\uc18c \ubd88\uba85\ud655\ud55c\ub370, \u201c\uc790\ubcf8\uc758 \ud68c\uc218\u201d\ub77c\uace0 \ud588\uc744 \ub54c\uc5d0\ub294 \ubd88\ubcc0\uc790\ubcf8\uc758 \ud68c\uc218\ub85c \uc774\ud574\ud558\uace0, \ub178\ub3d9\uace0\uc6a9 \ub4f1\uc5d0 \uc9c0\ucd9c\ub41c \uac83\uc758 \uc218\uc775\uc740 \uac00\ubcc0\uc790\ubcf8\uc774 \ub0b3\uc740 \uc774\uc775\uc778 \uc774\uc724\uc744 \ud3ec\ud568\ud55c\ub2e4\uace0 \uc774\ud574\ud558\uba74 \ub420 \ub4ef\ud558\ub2e4\u2015\uc815\ub9ac\uc790]<\/span><\/p>\n<p>\u2663<\/p>\n<p>\u00a0<\/p>\n<table style=\"width: 100%; border-collapse: collapse;\" border=\"1\">\n<tbody>\n<tr>\n<td style=\"width: 33.33%;\">\u2460 return of capital<\/td>\n<td style=\"width: 33.33%;\">\u00a0\uc790\ubcf8\uc758 \ud68c\uc218<\/td>\n<td style=\"width: 33.33%;\">\u00a0\ud22c\uc790\ud55c \uc790\ubcf8\uc591\uc774 \ud68c\uc218\ub418\ub294 \uac83. \ubd80\ucc44\uc758 \uacbd\uc6b0\ub77c\uba74 \uc6d0\uae08\uc774 \ud68c\uc218\ub418\ub294 \uac83\uc5d0 \ud574\ub2f9\ud55c\ub2e4.<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.33%;\">\u2461 return to capital<\/td>\n<td style=\"width: 33.33%;\">\u00a0\uc790\ubcf8 \uc218\uc775<\/td>\n<td style=\"width: 33.33%;\">\ud22c\uc790\ud55c \uc790\ubcf8\uc591\ubcf4\ub2e4 \uc99d\uac00\ud55c \uc591. \ubd80\ucc44\uc758 \uacbd\uc6b0\ub77c\uba74 \uc774\uc790\uc5d0 \ud574\ub2f9\ud55c\ub2e4.<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.33%;\">\u2462\u00a0capital gains<\/td>\n<td style=\"width: 33.33%;\">\uc790\ubcf8 \uc774\ub4dd<\/td>\n<td style=\"width: 33.33%;\">\u2018\uc790\ubcf8\u2019(capital)\uc774\ub77c\ub294 \ub9d0\uc774 \ub4e4\uc5b4\uac14\uc73c\ub098 \uc0ac\uc2e4\uc740 \uc0dd\uc0b0\uc5d0 \uc790\ubcf8\uc73c\ub85c\uc11c \uad00\uc5ec\ud558\uc9c0 \uc54a\uc740 \uc790\uc0b0\uc758 \uac00\uaca9\uc774 \uc624\ub984\uc73c\ub85c\uc368 \uc5bb\uc740 \uc774\ub4dd\uc744 \uac00\ub9ac\ud0a8\ub2e4.<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.33%;\" colspan=\"3\">* \uc5ec\uae30\uc11c \u2018\uc790\ubcf8\u2019\uc758 \ub450 \uc720\ud615\/\ub450 \uc758\ubbf8\ub97c \ud655\uc778\ud560 \uc218 \uc788\ub2e4. \ud558\ub098\ub294 \uc0dd\uc0b0\uacfc\uc815\uc5d0 \ud22c\uc785\ub418\ub294 \uc790\ubcf8\uc774\uace0 \ub2e4\ub978 \ud558\ub098\ub294 \uc0dd\uc0b0\uacfc\uc815\uc5d0 \uac1c\uc785\ud558\uc9c0 \uc54a\uace0 \uc99d\uc2dd\ub418\ub294 \uc790\ubcf8\uc774\ub2e4. \uc804\uc790\uc758 \uc804\ud615\uc740 \uc0b0\uc5c5\uc790\ubcf8\uc774\uace0 \ud6c4\uc790\uc758 \uc804\ud615\uc740 \ub300\ubd80\uc790\ubcf8\uc774\ub2e4. (\uc0b0\uc5c5\uc790\ubcf8\ub3c4 \ud654\ud3d0\uc758 \ud615\ud0dc\ub85c \ucc28\uc785\ub418\ubbc0\ub85c \u2018\ud654\ud3d0\uc790\ubcf8\u2019\uc774\ub77c\ub294 \ub9d0\uc740 \ub108\ubb34 \ub113\ub2e4.) \ud765\ubbf8\ub86d\uac8c\ub3c4 \uc704\uc758 \u2018\uc790\ubcf8 \uc774\ub4dd\u2019\uc758 \uacbd\uc6b0\ucc98\ub7fc \u2018\uc790\ubcf8\ud654\u2019(capitalization)\ub3c4 \uc0dd\uc0b0\uacfc\ub294 \ubb34\uad00\ud55c \uacfc\uc815\uc744 \ub098\ud0c0\ub0b8\ub2e4. \uc774\ub294 \uc774\ubbf8 \ub9d1\uc2a4\uc758 \u300e\uc790\ubcf8\ub860\u300f3\uad8c\uc5d0 \ub098\uc628\ub2e4. \u201c\uac00\uacf5\uc790\ubcf8\uc758 \ud615\uc131\uc740 \uc790\ubcf8\ud654(capitalization)\ub77c\uace0 \ubd88\ub9b0\ub2e4.(Die Bildung des fiktiven Kapitals nennt man kapitalisieren.) \ubaa8\ub4e0 \uaddc\uce59\uc801\uc778 \uc8fc\uae30\uc758 \uc218\uc785\uc740, \ud3c9\uade0\uc774\uc790\uc728\ub85c \ub300\ucd9c\ub41c \uc790\ubcf8\uc774 \ub0b3\uc744 \uc218\uc785\uc774\ub77c\uace0 \uac04\uc8fc\ud568\uc73c\ub85c\uc368, \ud3c9\uade0\uc774\uc790\uc728\uc744 \uae30\ucd08\ub85c \uc790\ubcf8\ud654\ub420 \uc218 \uc788\ub2e4. (\u00b7\u00b7\u00b7) \uc774\ub9ac\ud558\uc5ec \uc790\ubcf8\uc758 \ud604\uc2e4\uc801\uc778 \uac00\uce58\uc99d\uc2dd \uacfc\uc815\uacfc\uc758 \ubaa8\ub4e0 \uc5f0\uad00\uc740 \uadf8 \ucd5c\ud6c4\uc758 \ud754\uc801\uae4c\uc9c0 \ubaa8\ub450 \uc5c6\uc5b4\uc9c0\uace0, \uc790\ubcf8\uc740 \uc790\uc2e0\uc758 \ud798\uc5d0 \uc758\ud574 \uc800\uc808\ub85c \uc99d\uc2dd\ub41c\ub2e4\ub294 \uad00\ub150\uc774 \ud655\uace0\ud558\uac8c \ub41c\ub2e4.\u201d \ud55c \ub2ec\uc5d0 2\ubc31\ub9cc \uc6d0\uc744 \ubc1b\ub294 \ub178\ub3d9\uc790\uac00 \uc788\uace0 \ub2f9\uc2dc \uc774\uc790\uc728\uc774 5%\ub77c\uba74 2\ubc31\ub9cc \uc6d0\uc744 \uc774\uc790\ub85c \uacc4\uc0b0\ud588\uc744 \ub54c \uc6d0\uae08\uc740 2\ubc31\ub9cc \uc6d0\uc5d0 20\uc744 \uacf1\ud55c 4\ucc9c\ub9cc \uc6d0\uc774\ub2e4. \uc774\uc81c \uc774 \ub178\ub3d9\uc790\ub294 4\ucc9c\ub9cc \uc6d0\uc744 \uac00\uc9c4 \uc790\ubcf8\uac00\ub85c \ud0c8\ubc14\uafc8\ud55c\ub2e4. \ubaa8\ub4e0 \uac1c\uc778\uc744 \uae30\uc5c5\uac00\ub85c \ub9cc\ub4dc\ub294 \uac83\uc740 \uc624\ub974\ub3c4\uc790\uc720\uc8fc\uc758(\ub3c5\uc77c\uc5d0\uc11c \ubc1c\uc0dd\ud55c \uc2e0\uc790\uc720\uc8fc\uc758\uc801 \uacbd\uc81c\uc0ac\uc0c1)\uc758 \ubaa9\ud45c\uc774\uae30\ub3c4 \ud588\uc9c0\ub9cc, \uc5b4\uca0c\ub4e0 \uc6b0\ub9ac \uc2dc\ub300\uac00 \uc774\ub7f0 \u2018\uc790\ubcf8\ud654\u2019\uc5d0 \uae30\ubc18\uc744 \ub454 \uc0ac\uace0\uac00 \ub9cc\uc5f0\ub418\uc5b4 \uc788\uace0 \u2018\uc790\ubcf8\ud654\u2019 \uc138\ub825\uc774 \uc8fc\ub41c \uc815\uce58\uc801 \uad8c\ub825\uc744 \uac00\uc9c4 \uc0ac\ud68c\ub77c\uba74 \uc774 \uc810\uc5d0 \uad00\ud55c \ud55c \uc6b0\ub9ac \uc2dc\ub300\ub294 \ub9d1\uc2a4\uac00 \ubcf8 \uc790\ubcf8\uc8fc\uc758\uc640\ub294 \uc804\ud600 \ub2e4\ub978 \u2018\uc790\ubcf8\u2019\uc8fc\uc758\u2015\uac00\uce58\uc99d\uc2dd(\uc0dd\uc0b0\uacfc\uc815)\uc73c\ub85c\ubd80\ud130 \ubd84\ub9ac\ub41c \uac83\u2015\uc758 \uc2dc\ub300\uc77c \uac83\uc774\ub2e4. \ud5c8\ub4dc\uc2a8\uc774 \uc77c\ubc18\uc801\uc73c\ub85c \uac15\uc870\ud558\ub294 \uac83\uc740 \ubc14\ub85c \uc774 \uce21\uba74\uc774\ub2e4.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"color: #993300;\"><span style=\"font: 400 16px\/28.8px 'Noto Serif'; text-align: left; text-transform: none; text-indent: 0px; letter-spacing: normal; text-decoration: none; word-spacing: 0px; display: inline !important; white-space: pre-wrap; orphans: 2; float: none; -webkit-text-stroke-width: 0px; background-color: transparent;\">## \uc774 \uc138\uc0c1\uc5d0 \ud604\uc7ac \uc874\uc7ac\ud558\ub294 \ud654\ud3d0\ub4e4\uc758 \uc591\uc744 \uc9c1\uad00\uc801\uc73c\ub85c\u00a0\uac00\uc2dc\ud654\ud55c \uc0ac\uc774\ud2b8\ub97c \ubcf4\ub824\uba74 <\/span><a style=\"color: #993300;\" href=\"http:\/\/money.visualcapitalist.com\/worlds-money-markets-one-visualization-2017\/\">http:\/\/money.visualcapitalist.com\/worlds-money-markets-one-visualization-2017\/<\/a><span style=\"font: 400 16px\/28.8px 'Noto Serif'; text-align: left; text-transform: none; text-indent: 0px; letter-spacing: normal; text-decoration: none; word-spacing: 0px; display: inline !important; white-space: pre-wrap; orphans: 2; float: none; -webkit-text-stroke-width: 0px; background-color: transparent;\">\ub85c \uac00\ubcf4\ub77c. <\/span><\/span><\/p>\n\n\n<p class=\"has-text-color has-black-color\"><br><\/p>\n<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-bottom-right\"><a href=\"http:\/\/commonstrans.net\/index.php?rest_route=%2Fwp%2Fv2%2Fposts%2F1535&print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\"><img src=\"http:\/\/commonstrans.net\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"http:\/\/commonstrans.net\/index.php?rest_route=%2Fwp%2Fv2%2Fposts%2F1535&print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\"><img src=\"http:\/\/commonstrans.net\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>\u00a0 \uc800\uc790\u00a0 :\u00a0 Michael Hudson \uc6d0\ubb38 : \uc778\ud130\ubdf0\u00a0 Michael Hudson : Situation worse than Piketty describes http:\/\/thecorner.eu\/world-economy\/pikettys-wealth-gap-wake-part-ii\/37222\/ \ubd84\ub958 : \ub0b4\uc6a9 \uc815\ub9ac \uc815\ub9ac\uc790 : \uc815\ubc31\uc218 \uc124\uba85 : \ud638\uc8fc \ub77c\ub514\uc624 \ud504\ub85c\uadf8\ub7a8 Renegade Economist\uc758 \uc778\ud130\ubdf0\uc5d0\uc11c \ub9c8\uc774\ud074 \ud5c8\ub4dc\uc2a8\uc758 \ub2f5\ubcc0 \ubd80\ubd84\uc758 \ub0b4\uc6a9\uc744 \ubb38\uc5b4\uccb4\ub85c \uc815\ub9ac\ud55c \uac83\uc774\ub2e4. \u2018\ub098\u2019\ub294 \ud5c8\ub4dc\uc2a8\uc774\ub2e4. \u25b7 \uc090\uaed8\ub760\uc758 \ud1b5\uacc4\uc758 \ubb38\uc81c\ub294 \uadf8\uac83\uc774 \uc138\uc0c1\uc774 \uc5bc\ub9c8\ub098 \ubd88\ud3c9\ub4f1\ud55c\uac00\ub97c \ub9e4\uc6b0 \ub0ae\ucd94\uc5b4 \ub9d0\ud558\uace0 \uc788\ub2e4\ub294 \ub370 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40],"tags":[1013,1008,1010,961,1004,1012,1009,1014,1011,1007],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\uc0c1\ud669\uc740 \uc090\uaed8\ub760\uac00 \uc11c\uc220\ud55c \uac83\ubcf4\ub2e4 \ub354 \ub098\uc058\ub2e4 - \ucee4\uba3c\uc988 \ubc88\uc5ed \ub124\ud2b8\uc6cc\ud06c<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/commonstrans.net\/?p=1535\" \/>\n<meta property=\"og:locale\" content=\"ko_KR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\uc0c1\ud669\uc740 \uc090\uaed8\ub760\uac00 \uc11c\uc220\ud55c \uac83\ubcf4\ub2e4 \ub354 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