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Professor Jihee Kim Wins the Lucas Prize for Her Income Inequality Theory
Professor Jihee Kim from the School of Business and Technology Management at KAIST was announced as one of two winners of the 2021 Robert E. Lucas Jr. Prize. Professor Kim was recognized for having provided an empirical analysis on engines of income growth, sources of income inequality, and their rich interplay in her paper published in the Journal of Political Economy (JPE) in October 2018. The co-author of this study, Professor Charles I. Jones at Stanford University, was honored to be another awardee of this year’s Lucas Prize. The Robert E. Lucas Jr. Prize, simply known as the Lucas Prize, is awarded biannually for the most interesting paper in the area of Dynamic Economics published in the leading economics journal JPE in the preceding two years. The prize was established in 2016 in celebration of the 1995 Nobel Prize in Economics Laureate Dr. Lucas’s seminal contributions to economics. The two former prizes were presented in 2019 and 2017 respectively. Professor Kim and Professor Jones, in their award-winning paper titled 'A Schumpeterian Model of Top Income Inequality', observed that top income inequality was relatively low and stable between 1960 and 1980, but then rose sharply in some countries, including the United States and the United Kingdom. The authors focused on entrepreneurial activities and the resulting income as the driving force of income inequality. They assumed that the forces that increased the efforts of fast-growing entrepreneurs to improve their products or increased productivity of their efforts could increase income inequality. On the other hand, the forces that enhanced creative destruction or that raised the rate at which high-growth entrepreneurs lost that status could decrease income inequality, according to the authors’ theory. Professor Kim explained, “Various economic forces due to globalization, the advancement in AI and IT technologies, taxes, and policies related to innovation blocking may explain the varied patterns in income inequality.” “Through follow-up research, I will continue developing economic theory models that can analyze the impact of changes such as income tax rates and salary negotiations on income inequality,” she added. Professor Kim received her bachelor’s degree from the KAIST School of Computing in 2005 and pursued her graduates studies at Stanford University, acquiring a master’s degree in economics in 2011 and a doctoral degree in management science and engineering in 2013. (END)
Book Announcement: The Transformative Power of Service Innovation
Professor Tae-Sung Yoon of the Technology Management Graduate School at KAIST has recently published a book entitled The Transformative Power of Service Innovation (available only in Korean). In the book, Professor Yoon presents many examples of successful service innovations and explores the topic of how excellence in innovation can be achieved through the convergence of diverse fields and industries.
KAIST Chong-Moon Lee Library Opens
KAIST Chong-Moon Lee Library Opens Jong-Moon Lee Library, management education library for scientists possessing the biggest amount of entrepreneurship data in Asia, opens in KAIST (President Nam-Pyo Suh) on Thursday, November 9, 2006. Jong-Moon Lee Library was planned when Jong-Moon Lee, Chairman of AmBex, donated 2 million dollar to KAIST and founded Entrepreneurship Research Center at KAIST in 2004. Chairman Lee emphasized on the necessity of management education for scientists of advanced technology-based venture companies and set the management plan for Jong-Moon Lee Library securing the biggest amount of Entrepreneurship data in Asia. Jong-Moon Lee Library possesses books for inspiring entrepreneurship, including ▲ books regarding how to prepare and evaluate business plans that support the realization of business ideas such as venture company founding, etc. ▲ administrative books necessary for company management such as leadership and finance, accounting, etc. ▲ economic books that foster reader’s insight over economy and society. The number of books is about 4,900 and various journals including Harvard Business Review are also provided. KAIST Entrepreneurship Research Center (President Tae-Yong Yang) is now carrying out ▲ the management of entrepreneurship library for Engineering students and businessmen ▲ programs for entrepreneurship education and venture-company founding ▲aid for business plan forums and academic conferences. It benchmarks Stanford Technology Venture Program (STVP) of Stanford University, which is evaluated the most excellent program in researches and realization of entrepreneurship, and manages education programs for scientific manpower with international managing minds on the basis of world’s best capabilities in scientific researches and education of KAIST. President Yang explained about the management plan by saying, “Following Chairman Jong-Moon Lee’s intention, the center will educate entrepreneurship to engineering students and properly diagnose initial values of excellent technologies, thereby making venture companies flourish.”
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