Korean Job Discussion Forums

[phoneboothface]

One researcher says the economy here is backward. How so?

I'm interested as to how one comes to the conclusion that the economy has aged prematurely too...

http://english.chosun.com/site/data/html_dir/2009/04/21/2009042100933.html

[mises]

He's just using strong words to criticize the export model.

He's right. Korea has to make some big changes in the near future.

[T-J]

I beg to differ. The service industry is highly over rated, IMHO. It produces nothing of substance and therefore has no true value.

World economies achieved their current status through production of real goods. And subsequently have experienced decline after becoming more service oriented. Why would Korea be different?

[mises]

The shift to a 'service economy' isn't the primary task. Korea needs to focus more on domestic consumption and less on exports.

[Julius]

[mises]

It is a really difficult subject.

Koreans need to consume more, but this doesn't mean build stuff and buy more TV's. It can mean a better national health system, more spending on higher ed, more domestic media/culture. They must shift away from exporting via chaebol.

China is attempting to do this now. Their big idea is a well funded and universal medical system. This will eat up a good chunk of domestic productivity and create value at the same time.