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The Renewal Of Seoul City
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The Renewal Of Seoul City

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  • 1. The Renewal of Seoul City - A New Paradigm for Sustainable Development
  • 2. Channel News Asia broadcasted Seoul’s story of its renewal as a sustainable city in its “Korea Sparkling” documentary series in August 2009.Also reported in New York Times in 16 July 2009
  • 3. CGC Before And After
  • 4. The renewal of Seoul as a sustainable city presents an interesting case study on how economic concepts can be applied to the analyses of public policy.
    This presentation attempts to assess Seoul’s urban renewal policies using economic concepts of demand and supply, substitution, externalities, and marginal utility. economic concepts are rarely disparate.
  • 5. The “Curse” Of the Public Good
  • 6. Before and After
  • 7. Eliminating Congestion in Seoul
     Demand Reduction
    Deconstructing the CGC Highway
    Increase Price of Vehicle Use
  • 8. Externalities
  • 9. Deconstruction of the Highway
  • 10. Increasing the Price of Vehicle Use
  • 11. Policy Implications
    Pricing mechanisms, while effective in reducing vehicle use, may not be optimal for significantly reducing vehicle use.
    Assuming that the SCG did not regulate the supply of vehicles, pricing mechanisms will only “price” out consumers who are unable to pay the increased price for using their vehicles
  • 12. Eliminating Congestion in Seoul
    Supply Reduction
    Reducing the Supply of Complements – Reducing Parking Supply
    Subsidising Reduction of Vehicle Use- “No Driving Day” Campaign
  • 13. No Driving Day Programme
  • 14. Economics of No Driving Day
  • 15. Reforming Public Transport- Substitute for Vehicles
  • 16. Increasing the Marginal Utility of Public Transport
  • 17. Increase Interconnectivity
  • 18. Increasing the Marginal Utility of Public Transport
  • 19. Positive Externalities
  • 20. ....Externalities
    Real estate values in the CGC district increased by an average of 30%.
    Temperatures in the CGC area about 3oC to 6oC lower than surrounding areas.
  • 21. Conundrum....
    What if Seoul City Government retained Highway but reformed the public transport system?
  • 22. THANK YOU!

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