Press conference of three Nobel Prize winners in economics
Asmoglu “Korea, economic growth through democratization… “The North Korean system is frozen in the same state.”
Korean-American wife Doon Johnson: “Korea’s achievements are amazing”… Robinson: “Understand the special characteristics of the relevant society”
This year’s Nobel Prize winners in economics, Professors Darren Asmoglu and Simon Johnson of the Massachusetts Institute of Technology (MIT), and Professor James Robinson of the University of Chicago, each held a press conference on the 14th (local time) to discuss the research topic for which they received the Nobel Prize, ‘Wealth between States’. The importance of ‘differences in wealth’ was explained.
Professor Asmoglu, who is categorized as a ‘Korean faction’ for his in-depth research on Korea’s economic development, said, “Korea’s ‘inclusive system’ based on democracy has created amazing economic growth,” adding, “Through this, we have achieved similar economic growth before division.” “South Korea and North Korea, which were in a different state, have now taken drastically different paths,” he said.
Professor Johnson, who is also classified as a member of the anti-Korean faction and whose wife is of Korean descent, also commented favorably, saying, “Today’s Korean economy is not without problems, but compared to other countries, Korea’s achievements are truly amazing.”
The two professors cited “creating opportunities for women” as something that Korea must continue to do for future prosperity.
● Asmoglu “South Korea and North Korea, contrast between prosperity and failure”
At a joint press conference with Professor Johnson that day, Professor Asmoglu mentioned Korea several times while explaining the ‘inclusive system’ that enables national development. In his best-selling books such as ‘Why Nations Fail’, he has emphasized that countries with ‘inclusive systems’ such as democracy, the rule of law, guaranteeing private property, and providing fair opportunities prosper, while countries that do not have them fail.
Professor Asmoglu said, “The contrast between South Korea and North Korea is the first example of ‘Why do countries fail?’ After going through the process of democratization, South Korea’s economy grew more healthily, but the North Korean system remains in the same state. “It doesn’t mean much to give them (North Korea) advice,” he said.
A world-renowned scholar and star writer, he appeared as a keynote speaker at the ‘2024 Dong-A International Forum’ hosted by Dong-A Ilbo in May this year. At the time, there was great concern about the artificial intelligence (AI) industry, which was decided by a small number of information technology (IT) companies and their managers.
Professor Asmoglu also said on this day, “We are living in the age of AI, but widely utilizing human productivity, creativity, and human resources is still essential for national prosperity,” especially emphasizing the use of female human resources. “A country that doesn’t create opportunities for women is ignoring half of its resources,” he declared. “No country has been so successful in the 20th century, and even less so in the 21st century.”
He also presented three conditions for the prosperity of democracy. First, participation, second, not demonizing the opposing side, and third, getting away from social media that promotes polarization.
● Korean-American wife Johnson: “We need to increase the use of female workers”
On this day, Professor Johnson also mentioned Korea, mentioning a Chinese reporter who requested an interview with him, saying he was ‘seeking advice on the Chinese economy’. He said, “In the early 1960s, Korea was very poor and had an authoritarian government system, but over time, efforts were made for economic growth and democratization.” He continued, “The process was very difficult and there were many conflicts, but I wanted to let people know that if China wants continuous growth for a long time, it must have an ‘inclusive system’ to achieve strong and stable development.”
Professor Johnson, who has two daughters, also emphasized the use of female personnel. “The fact that many women and girls around the world are denied opportunities in science and technology is a challenge that must be addressed,” he said.
Meanwhile, Professor Robinson emphasized at a separate press conference hosted by the University of Chicago that day that in order to set the direction of development for an individual country, the special characteristics of that society must first be understood. He said, “Rather than simply applying Western theories or experiences to other countries, we must understand that society within the context of that society.”
Professor Robinson, co-author of ‘Why Nations Fail’, looked back on his relationship with Professor Asmoglu and emphasized the importance of ‘joint research’. He also introduced an anecdote about how when he first met Professor Asmoglu, who was a doctoral student at the time at the London School of Economics (LSE) in England in 1992, he objected and refuted all of his opinions. Although he was really annoyed at first, he confessed that he would not have been able to achieve anything without a colleague like Professor Asmoglu.
New York = Correspondent Lim Woo-sun imsun@donga.com
Reporter Lee Cheong-ah clearlee@donga.com