[The Editors' Verdict] Education Policy Must Also Change

Many events are occurring amid the ongoing COVID-19 situation. Most of these are economic issues, and the methods to resolve them vary. Looking at the overall life cycle, positive savings occur during the economically active ages of approximately 19 to 60, while negative savings occur during other periods. In the early 2000s, the average retirement age in South Korea was already estimated to be 52. This means negative savings happen earlier. So, what should the government do before economic activity begins, up to age 18?

The economic situation can be viewed relatively short-term. Due to volatile economic cycles, the duration has shortened to about three years since the global financial crisis, sometimes becoming even shorter or longer depending on circumstances. Education is different. Education must continue until age 18, and after retirement, training and education should be supported for job changes.

How about our childcare and education policies? The birth rate is the lowest in the world, and the decline is quite rapid. From a household perspective, childbirth involves significant hardship, and raising children until they grow up is also challenging. Countries that prioritize human capital tend to pay considerable attention to education. However, our education policies change drastically, not only neglecting long-term planning but also shifting with every change of government.

First, let's change one financial system. There are infant allowances, child allowances, and what is called national scholarships. They provide 300,000 KRW per month for children aged 0 to 1 and 100,000 KRW for those under 8 years old. The budget keeps increasing to several trillion won and is expected to expand further. It would be better to integrate infant and child allowances so that the government saves on behalf of households until the child turns 18, paying compound interest upon reaching 18. A simple calculation shows the principal alone would be 27.6 million KRW. Including interest, those going to university can use it for tuition, and those starting businesses can use it as startup capital. This would also free up resources for national scholarships for university students, making it quite feasible. Of course, if necessary for raising children, some funds can still be used as currently allowed.

Institutionally, the proportion of regular admissions in university entrance exams should be drastically increased, minimizing early admissions. The previous government's good intention to highlight students' diverse strengths was distorted as it entered the university entrance market. Instead, the number of subjects increased, leading to the conclusion that students must excel in all subjects for admission. Non-academic activities should be boldly abolished. Among various categories, autonomous activities, clubs, volunteering, and career-related activities are often unknown to students and do not significantly aid university education. They can also create unfair competition through consulting firms or connections. Therefore, they can foster unfair competition.

Additionally, textbooks should be written more simply than they are now. The significant disparity among subjects forces reliance on private education. Universities can select students through screening.

Finally, science high schools should be restricted to science fields only, and entry into medical schools should be prohibited. The same applies to foreign language high schools, which should adhere to their original purpose. The current situation of autonomous private high schools in Seoul, changed by enforcement decrees or rules, should remain as is. However, the 49 nationwide recruitment general or autonomous private high schools in provinces, which will change from 2025, should remain as they are. Instead, more grants should be provided to these nationwide recruitment schools in provinces to revitalize them. For the development of human capital and long-term planning, changes should be maintained as they are.

Kim Sang-bong, Professor of Economics, Hansung University