#7 Investing in Care Economy (11/17/2021)

#7 Investing in Care Economy (11/17/2021)

/소식/뉴스레터/#7 Investing in Care Economy (11/17/2021)
CTMS Weekly brings to you the insights and lessons shared during the 2021 Int'l Care Economy Conference to reflect on the role of care economy as we face the upcoming challenges in building back better and achieving a more equal society post pandemic.

By 2030, Korea might create more than 200,000 jobs if the government increases spending in childcare and elderly care. Learn more about these outcomes in this issue’s featured video, where experts Hans Lofgren and Martín Cicowiez share the results of their one-of-a-kind simulation research. Look into this study and more groundbreaking research in this week’s panel discussion. Moderated by Prof. Maria Floro, this panel gathers top academia to engage into a thorough debate on what care would look like in the future, including:
  • The effects of demographic changes in future care
  • The monetary value of unpaid care work
  • The economic impact of investment on childcare and elderlycare
Int'l Care Economy Conf 2021 | Lofgren, H. & Cicowiez, M. - Child & Elderly Care in Korea
COVID-19 made us rethink the future of care. But could increasing investment in care spending actually contribute to economic growth and social improvement? Economist Hans Lofgren and Prof. Martín Cicowiez simulate different scenarios exploring the "WHAT-IFs" of investing in care in Korea. They find that by increasing government spending in childcare and elderlycare, women's labor income will likely increase as well by 2030. Combining both care scenarios leads to a 1.7% of increase in total GDP.
Follow these results and more in this video

"Just like the environment which is barely restorable once it is destroyed, it could be even more difficult to take measures when the lack of care becomes severe."
- Jeongwoo Choi
You can’t have an economy without care, and you can’t grow an economy without care workers. So, is it time to fire up the investments in care? Dr. Jooyeoun Suh posts some questions about how to transform money into time to better meausre measure paid care workers' compensation, and asks how to translate valuing unpaid care work into a useful policy for care.

Dr. Sang-Ho Nam recognizes the importance of estimating the return on care investment in GPD in Korea. He dives into the issue of government spending and examines alternative financing resources that could potentially help increase care expenditure. 

Valuing Non-market Work in Korea
Valuing Non-market Work in Korea
Demographic Change and Care Support in Korea and the US
Demographic Change and Care Support in Korea and the US
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