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[Æß] ½Å±Ô Áöµµ±³¼ö Erik BrynjolfssonÀÇ Ã߸ð±Û


In Memoriam, Shinkyu Yang

A Eulogy By Erik Brynjolfsson

Shinkyu¡¯s kindness, wry wit, brilliant intellect and deep friendship will always live on in our hearts.

One of my favorite memories of Shinkyu is listening to his stories and laughing with him at a dinner party at my house.  He had a great sense of humor.  He could also be passionate about social justice.  I remember learning from him as explained the latest example of technology¡¯s impact on society: flash mobs in Seoul, Korea, brought together via cellphones to take political action.

Shinkyu was a man who could be very funny, but never, in all my years, said anything disparaging or hurtful to anyone.  He was, as one of my colleagues recently put it, a ¡°real gentleman¡±.  

Shinkyu had many friends and a loving family.  I¡¯ve received messages from all over the country expressing condolences.  I¡¯d like to read a couple of them now.

Prof. Yannis Bakos sent the following words on behalf of himself and Shinkyu's former colleagues at NYU:

I got to know Shinkyu during the two years that he spent on the faculty of the Stern School of Business at NYU. I taught with him a Ph.D. seminar in which it was a pleasure to see him not just cover the topics, but also inspire the doctoral students with his passionate discussion of why these topics were important for the creation of wealth and for economic growth. More recently, Shinkyu, Heekyung Kim and I collaborated on a paper on the role of Human Capital in high-tech organizations, a paper based on one of Shinkyu's many brilliant ideas.

Last but not least, Shinkyu was a great colleague. He regularly attended research seminars, and he would always ask perceptive questions and often come up with great insights. Outside the Stern school, his wry humor and funny stories and anecdotes always made it great fun sharing a meal or a drink with him.

His untimely death is a loss to his family and his friends, but also to his current and former colleagues and to the field of Information Systems and Economics. Let's all remember Shinkyu for his creative intellect, his offbeat sense of humor and his collegiality.

Prof. Michael Smith of CMU wrote the following:

I shared a PhD office with Shinkyu for my first 2 years of doctoral studies at MIT. I remember him as a brilliant econometrician and researcher, but equally as a friend and someone who was never too busy to stop and offer help and assistance to me as a new member of the program. I also fondly remember Shinkyu's humility. I once noticed that Shinkyu had a table tennis paddle in his desk drawer, and I asked if he played much, noting that I played a lot growing up, and would love to play him sometime. He said that would be great and that he had played "some" growing up. It was only after much more pressing on my part, and several attempts on Shinkyu's part to help me save face, that Shinkyu revealed that he "pretty good," "played a lot," and finally that he was a college table tennis champion in Korea. While I never renewed my request play Shinkyu in table tennis, our friendship continued to grow and I will deeply miss my good friend and valued colleague Shinkyu Yang.

Shinkyu was also a first-class thinker and intellect. As his dissertation advisor and a co-author of his, I¡¯d like to highlight some of his contributions to knowledge.

One of the things I admired most about Shinkyu was his unshakeable academic integrity – he would check and re-check his data and his equations to make sure everything was accurate.   And, as I will discuss in more detail in moment, he had real intellectual courage – he was not afraid to challenge the reigning paradigms of thought.

In fact, Shinkyu is also one of those rare people who achieved a measure of immortality through the power of his path-breaking ideas.  

As was first said over 2000 years ago, Vita Brevis, Ars Longa: Life is short but Art is lasting.

And it is true: For all of us, life is short; But Shinkyu¡¯s work, his Art, is lasting.

I first met Shinkyu when he came to MIT as a master¡¯s student.  We, the MIT faculty, realized that this was no ordinary MIT Sloan MBA.  This was a man who would strengthen the foundation of the university and enhance its reputation with the clout of his intellect.  He was a student who loved to learn, yes, but he would also add in fundamental ways to the stock of knowledge from which we all draw.

Shinkyu was in the information technology group and he also took economics courses.  Now, as you know, economists study many different things: unemployment, inflation, incentives, asset prices.  But Shinkyu saw one set of numbers as more important than all the rest:  economic growth.  Economic growth isn¡¯t everything, but in the long run it is almost everything. Economic growth is what determines the wealth of nations.  Economic growth is what drives the competitive advantage of companies.  And Economic growth is what determines all of our living standards, and those of our children.

Shinkyu believed that information technology was a key to economic growth.  Today, that might not seem so surprising, but when he came to MIT, it was far from obvious.  The Dean of the MIT Sloan School at the time included negative comments about IT¡¯s economic contributions in his standard speech to business groups.  Even the famous Nobel Prize winner, Bob Solow said: ¡°we see the computer age everywhere except in the productivity statistics¡±.  Led by these prominent MIT faculty, this was the dominant view of the era.

But Shinkyu, a quiet, humble, graduate student, was not afraid to challenge this view.  He was not afraid to question these giants. That is, after all, one of the marks of intellectual integrity. And that took genuine courage.

In 1994, he submitted what may be the best Master¡¯s thesis every written at the MIT Sloan School.  I hold it here in my hand.  It¡¯s just 24 pages, yet it was certainly most profound and original master¡¯s thesis I¡¯ve ever read.  And it concluded just the opposite of what the Dean and the Nobel Prize winner said about I.T.

Its title is ¡°The Relationship between IT Investment and Market Value of Firms¡±.   If you don¡¯t mind, I¡¯d like to take a few moments to explain his research to those who aren¡¯t already familiar with it.

Shinkyu first developed a novel theoretic model showing how the value of a company – what it would cost to buy it – was related to the value of all the assets it owns – all the buildings, equipment, furniture, land, etc.  If an asset could be installed and made productive with no effort, then the firm¡¯s value would increase by exactly as much as the value of the asset.  If a company adds a $1 million building, then the value of the company increases by exactly $1 million.   However, some assets require a great deal of effort to install before they become productive.  For instance, installing a new enterprise IT system might cost ten million of dollars, even if the software itself only cost $1 million.  In this case, the value of the firm would be equal to the $1 million cost of the software plus the $9 million of effort to make it productive, for a total of $10 million.  

That was the theory, but the real breakthrough was that Shinkyu went out and tested it with real data from hundreds of companies – we love data at MIT, you know.  And the data showed exactly what Shinkyu had predicted.   While building a $1 million factory increased the value of a firm, on average, by $1 million, adding a $1 million piece of IT, increased the value of the firm by about $10 million – the extra $9 million represented the value of the effort embodied in installing the software and making it productive.  

This finding has profound effects on the measurement of economic growth.  In fact, Shinkyu¡¯s work is in some ways rewriting the economic history of the United States and can help explain the surge in productivity we¡¯ve recently seen.  According to calculations Shinkyu and I have done, there are now almost $2 trillion of unmeasured intangible assets, or organizational capital, in the U.S. economy.  This is the financial value of all that effort that people put into making IT work.


Shinkyu¡¯s research was in many ways ahead of its time and it continues to have an impact to this day.  It is taught to students at top universities, including not only MIT, Harvard and NYU, but also University of California at Berkeley and UC/Irvine, at Pace university, and at many other schools.  I invariably teach Shinkyu¡¯s papers in my own PhD classes and use them as the basis for some of my talks to managers as well.

But it¡¯s not just students and managers who have benefited from Shinkyu¡¯s research:

Upon learning of Shinkyu¡¯s passing, Bob Gordon, on the faculty at Northwestern, author of some of the leading macroeconomics textbooks and one of the most famous macro economists in the world, emailed me to say that Shinkyu¡¯s research was ¡°pathbreaking.¡±  Roy Radner, of NYU, who may be on the short list for a Nobel Prize, emailed me to say that Shinkyu¡¯s death was a ¡°loss ¡¦ to Science.¡±   Indeed, Roy had worked hard to recruit Shinkyu to NYU when Shinkyu graduated from MIT and enjoyed discussing ideas with him.  Roy, unfortunately, is traveling in Colorado and was unable to be here in person. Even the Chairman of the Federal Reserve Board, Alan Greenspan, who might be the most visible economist in the world, cited Shinkyu¡¯s work in his testimony to Congress and once told me personally how much he liked the work.

Today, Bob Solow, the man who initially inspired the idea of an IT productivity paradox, has changed his mind and now agrees with Shinkyu that IT is in fact a big contributor to economic growth.  I know he has read Shinkyu¡¯s work and has been influenced by it.

Shinkyu continued to make research contributions throughout his too-short career.  In fact, in 2003 he may have set a record with four papers submitted to ICIS, the premier IT conference.  More recently, he was in the midst of revising an important new paper with Yannis Bakos and Heekyung Kim called ¡°Why Information Technology Workers Own Their Firms: How the Relative Importance of Human Capital Affects Firm Ownership.¡±  

Shinkyu was lucky to have a true friend like Heekyung, who helped him so many times with his illness.  I think it¡¯s fair to say, that she saved his life more than once, and for that we are all grateful.

Shinkyu was very lucky to one of the few people on the planet capable of doing such profoundly important work.  It brings me a measure of comfort to know that part of him will live on through his research.  

Vita Brevis, Ars Longa is how the Roman¡¯s put it, but let me close with a few lines from Shakespeare¡¯s Sonnet #18.

But thy eternal summer shall not fade
¡¦
Nor shall Death brag thou wander'st in his shade,
¡¦

So long as men can breathe or eyes can see,
So long lives this, and this gives life to thee.


-- In Cambridge, Massachusetts, July 17, 2005.




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Yannis Bakos ±³¼ö°¡ ÀڽŰú ¾ç½Å±ÔÀÇ ´º¿å´ë ÀÌÀü µ¿·á¸¦ ´ëÇ¥ÇØ¼­ º¸³½ ±Û :

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Á¤º¸ ±â¼úÀÇ ÆÐ·¯µ¶½º¿¡ ´ëÇØ óÀ½À¸·Î ¹®Á¦¸¦ Á¦±âÇß´ø »ç¶÷À̱⵵ ÇÑBob Solow´Â »ý°¢À» ¹Ù²Ù¾ú°í ÀÌÁ¦´Â ¾ç½Å±ÔÀÇ À̷п¡ µ¿ÀÇÇϸ鼭 Á¤º¸ ±â¼úÀÌ ½ÇÁ¦·Î °æÁ¦ ¼ºÀå¿¡ Ä¿´Ù¶õ °øÇåÀ» ÇÑ´Ù°í´Â Á¡À» ÀÎÁ¤Çϰí ÀÖ´Ù. ³ª´Â ±×°¡ ¾ç½Å±ÔÀÇ ³í¹®À» Àоú´Ù´Â »ç½Ç°ú ±× ¿µÇâÀ» ¹Þ¾Ò´Ù´Â °ÍÀ» ¾Ë°í ÀÖ´Ù.

¾ç½Å±Ô´Â, ±×ÀÇ ³Ê¹«µµ ªÀº ÇÐÀڷμ­ÀÇ ½Ã°£ µ¿¾È, °è¼ÓÇØ¼­ ¿¬±¸¸¦ Çß´Ù. ½ÇÁ¦·Î 2003³â¿¡´Â ICIS¿¡ 4°³ÀÇ ³í¹®À» Á¦ÃâÇÏ¿© ±â·ÏÀ» ¼¼¿ü°í, ±×º¸´Ù ÃÖ±Ù¿¡´ÂYannis Bakos, ±èÈñ°æ°ú ÇÔ²² ¡°¿Ö IT³ëµ¿ÀÚµéÀÌ ±×µéÀÇ È¸»ç¸¦ ¼ÒÀ¯Çϴ°¡:ÀÎÀû ÀÚ¿øÀÌ È¸»çÀÇ ¼ÒÀ¯ ±¸Á¶¿¡ ¹ÌÄ¡´Â »ó´ëÀû Á߿伺¿¡ °üÇÏ¿©¡± ¶ó´Â Áß¿äÇÑ ³í¹®À» °³Á¤ÇÏ´Â ÀÛ¾÷ Áß¿¡ ÀÖ¾ú´Ù.

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½Å±Ô´Â ¶ÇÇÑ ±×ó·³ ±Ùº»ÀûÀÏ Á¤µµ·Î Áß¿äÇÑ ¾÷ÀûÀ» ÇØ³¾ ¼ö ÀÖ¾ú´ø ¼¼»ó¿¡ ¸î ¾ÈµÇ´Â ÀÎÀç¶ó´Â Á¡¿¡¼­µµ Çà¿î¾Æ¿´´Ù. ±× ¾÷ÀûÀ¸·Î ¸»¹Ì¾Ï¾Æ, ³ª´Â Àû¾îµµ ¾ç½Å±ÔÀÇ ÀϺκÐÀº ¾ÆÁ÷µµ ÀÌ ¼¼»ó¿¡ »ì¾ÆÀÖ´Ù´Â Á¡¿¡¼­ ¾Èµµ°¨À» ´À³¢°í ÀÖ´Ù.

·Î¸¶ÀεéÀº Vita Brevis, Ars Longa(»îÀº ª°í Çй®Àº ±ä °Í)¶ó°í ÇßÁö¸¸,
³ª´Â ¼ÎÀͽºÇǾîÀÇ ¼Ò³×Æ® 18¹øÀÇ ¸î ±¸ÀýÀ» ÀοëÇÏ¸ç ¸¶Ä¡°íÀÚ ÇÑ´Ù.

But thy eternal summer shall not fade
(±×·¯³ª ±×´ëÀÇ ¿µ¿øÇÑ ¿©¸§Àº ½ÃµéÁö ¾Ê°í)
¡¦
Nor shall Death brag thou wander'st in his shade,
(±×´ë°¡ Á×À½ÀÇ ±×´Ã ¼Ó¿¡¼­ Çì¸Å¾îµµ Á×À½Àº »µ±âÁö ¸øÇÒ °ÍÀÔ´Ï´Ù)
¡¦

So long as men can breathe or eyes can see,
(»ç¶÷ÀÌ ¼û½¯ ¼ö ÀÖ°í º¼ ¼ö ÀÖ´Â ´«À» °¡Áø ÇÑ)
So long lives this, and this gives life to thee.
(ÀÌ ½Ã´Â ±×¶§±îÁö »ì¾Æ ±×´ë¿¡°Ô »ý¸íÀ» ÁÙ °ÍÀÔ´Ï´Ù)



-- 2005³â 7¿ù 17ÀÏ, Ä·ºê¸´Áö, ¸Å»çÃß¼¼Ã÷ ¿¡¼­
2005/08/05
ÀÓµµÇö  :  ¿¡¸¯¾¾ÀÇ Ãßµµ±Û ¸»¹ÌÀÇ ½Ã°¡ ³Ê¹« ÁÁ¾Æ¼­, ²À ½Å±ÔÇüÀ» À§Çؼ­ ¾²¿©Áø °Í °°¾Æ¼­, ÀÎÅͳݿ¡¼­ ¿ø¹®À» ã¾Æ¼­ ¿Ã·Áº¾´Ï´Ù.(¹ø¿ªÀº Á¦°¡ ÇÑ °ÍÀÌ ¾Æ´Õ´Ï´Ù)

Shall I Compare Thee to a Summer's Day?

(Sonnet XVIII)
William Shakespeare

Shall I compare thee to a summer's day?
Thou art more lovely and more temperate:
Rough winds do shake the darling buds of May,
And summer's lease hath all too short a date:
Sometime too hot the eye of heaven shines,
And often is his gold complexion dimm'd;
And every fair from fair sometimes declines,
By chance, or nature's changing course untrimm'd;
But thy eternal summer shall not fade,
Nor lose possession of that fair thou ow'st,
Nor shall death brag thou wander'st in his shade,
When in eternal lines to time thou grow'st;
So long as men can breathe, or eyes can see,
So long lives this, and this gives life to thee.

±×´ë¸¦ ¿©¸§³¯¿¡ ºñ°Ü º¼±î¿ä?
(¼Ò³Ý 18)

--Àª¸®¾ö ¼¼ÀͽºÇǾî

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