Lee In-ho, Next President of the Korean Economic Association: "The Economy Led by Political Logic... I Will Speak Out"

Chairman Lee Emphasizes Steadfast Approach of the Economic Association

Professor Lee In-ho of the Department of Economics at Seoul National University is being interviewed by Asia Economy on the 20th. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Jang Sehee] To propose solutions for the Korean economy, which has struggled to escape a stagnant phase due to worsening domestic and international conditions and sluggish exports, the domestic economic academic community is expected to raise its voice more actively in the future. They are determined not to stand by any longer while the economy is driven by political logic.

Professor Lee In-ho, appointed as the next president of the Korean Economic Association and a professor in the Department of Economics at Seoul National University, said in an interview with Asia Economy on December 20 last year, "I have heard many say, 'What are scholars doing staying silent when the economy is struggling?'" He added, "I plan to create an internet forum where economists can freely exchange opinions on various current issues."

Professor Lee also stated, "Politicians often talk about things unrelated to economic theory, but for important issues, I intend to create opportunities for debate where both sides (for and against) can participate so that policy consumers can make informed judgments." For example, when the government announces real estate policies, a panel of 5 to 10 economists will be selected to analyze and evaluate the government policies on the Economic Association’s website.

Such remarks by Professor Lee appear to stem from self-reflection within the academic community that economists have not voiced their opinions properly despite policies inconsistent with economic theory being produced under the influence of political factionalism.

Professor Lee plans to conduct industrial inspections to research economic theories suited to the Korean context. He said, "Since this is the first attempt, I want to start as efficiently as possible without interfering with scholars’ research areas." He plans to visit Ulsan, Pohang, Geoje, and other regions densely populated with heavy and chemical industries.

He added, "Although domestic papers have been published in world-class journals, showing significant academic progress, there is a slight gap from reality. Since economic behavior has many regional characteristics, economists also want to enhance their understanding of the real economy through industrial inspections."

He revealed, "Three teams will each visit different regions and continue discussions on the real economy." He continued, "Until now, economists have lived focusing on theoretical research, but from now on, we need to consider how to contribute to the real economy as well."

Professor Lee will also focus on managing global economic slowdown and international financial and trade risks. This is based on the judgment that concerns about the US-China trade conflict and Brexit (the United Kingdom’s withdrawal from the European Union) still persist in the market.

He plans to organize a forum where domestic economists and overseas scholars can gather to discuss the international trade environment. Professor Lee said, "External risks related to international finance and trade are quite significant. We need to invest many resources to study this area."

Professor Lee will serve as the next president of the Korean Economic Association for one year starting mid-February.