[INTERVIEW] Korea to showcase economics prowess at World Congress in 2025

Whang Yoon-jae, a distinguished professor of economics at Seoul National University, speaks during a recent interview with The Korea Times at his office. He is also the president of the Korean Economic Association and co-chairs the preparatory committee for Korea's first Econometric Society World Congress to be held in 2025. Korea Times photo by Choi Won-suk

Congress to focus on parallel between industrialization, academic achievement

By Yi Whan-woo

The academic discipline of modern economics in Korea and the nation's economic flourishing following the 1950-53 Korean War share strong parallels.

This makes Korea a distinct and fitting case study as it prepares to be the next host of the Econometric Society World Congress (ESWC). The country is looking forward to sharing its remarkable economic success on one hand and its academic achievements in modern economics on the other, according to the co-chairman of the congress' preparatory committee.

Held every five years, the ESWC is the world's largest and one of the most highly-recognized gatherings of economics scholars and researchers around the world. Korea will host the event for the first time in 2025.

"Indeed the congress is possibly the world's most important scholarly meeting in the field of economics, and a country's competence to host the event is regarded as a key measurement of its academic level in economics as well as economic power," Whang Yoon-jae, a distinguished professor of economics at Seoul National University, said during a recent interview with The Korea Times at his office.

"In that regard, we expect that the congress will enhance Korea's reputation worldwide in the study of economics and also help the country's academic economic circle take a leap forward to the world-class level," he added.

Concerning economic development, the professor expressed hope to "share the country's expertise and knowledge and promote noteworthy success stories."

Whang co-chairs the preparatory committee as the president of the Korean Economic Association, the largest community of academic economists here. The other committee chairman is Chang Yong-sung, also a Seoul National University economics professor.

The congress is governed by the Econometric Society, an international organization launched in 1930 in the U.S. state of Ohio, with the goal of advancing economic theory concerning statistics and mathematics.

The society has been led by towering figures in economics, including Joseph Schumpeter, John Maynard Keynes, Paul Samuelson and Kenneth Arrow. The high academic standing of this society is demonstrated by the fact that the majority of the previous Nobel Prize laureates have been elected fellows of the society.

Scheduled to take place in Seoul from Aug. 18 to 22, 2025, the society's upcoming congress is anticipated to draw more than 4,000 participants. They range from Nobel Prize winners to high- and working-level officials from central banks as well as those from international financial institutions, such as the International Monetary Fund (IMF) and the Bank for International Settlements (BIS).

Officials from the Ministry of Economy and Finance, the Bank of Korea (BOK) and think tanks in Korea's private and public sectors will also join.

Discussion topics will be chosen depending on the key economic issues occurring throughout 2025. Current issues ranging from global polarization, accelerated by the U.S.-China row and the Ukraine war, to technology protectionism, in relation to growing economic security interests, will also be examined.

Whang Yoon-jae, distinguished professor of economics at Seoul National University and co-chairman of the preparatory committee for the 2025 Econometric Society World Congress, speaks during a recent interview with The Korea Times at his office. Korea Times photo by Choi Won-suk

Groundwork for possibly achieving Nobel Prize in future

The history of Korea's modern economics, as an academic discipline, dates back to the 1960s, when the war-stricken Asian country's agrarian economy took the first steps on its path to industrialization.

Such history becomes clearer when contextualized with the birth of the academic discipline, widely perceived to be 1776 with the publication of Adam Smith's "The Wealth of Nations."

Accordingly, Korea was a latecomer to the discipline of modern economics compared to past host countries of the congress.

The congress has taken place 12 times; Rome (1965) in Italy, Cambridge (1970) and London (2005) in the United Kingdom, Toronto (1975) and Montreal (2015) in Canada, Aix-en-Provence (1980) in France, Cambridge (1985) and Seattle (2000) in the U.S., Barcelona (1990) in Spain, Tokyo (1995) in Japan and Shanghai (2010) in China. The latest gathering in 2020 was held virtually in Italy's Milan.

"Nevertheless, Korea caught up with advanced economies fast in the study of economics, especially since the 1990s with an increase in the number of economists publishing their works in top international journals and others jointly carrying out research with internationally-renowned peers," Whang explained.

The professor said that the congress will set the stage for Korean economists to present their thoughts before international academics and actively discuss with leading scholars, thereby "raising the possibility of making their names in the world."

"In particular, the meeting will be an opportunity to strengthen the trustworthiness of data and statistics compiled by Korea's academic society," Whang added.

With academic interest in Korea's economics, the professor believes that the 2025 meeting will "further draw international attention toward Korea's economic success and contribute to investment and multi-party cooperation among interest groups here and abroad."

The scholarly approach to understanding the Korean economy can be especially crucial, Whang said, as the unique strengths of the country such as its rapid economic development can potentially work against it in the years to come.

The strengths of Korea's economy, according to Whang, were its export-driven economy, government-backed research and development, highly skilled and highly-educated human capital and a strong sense of solidarity during times of crisis.

Asked about the congress' role in helping Korea to produce a Nobel Prize-winning economist, the professor said that it will be helpful for promising scholars here to interact with established scholars and build professional networks.

"This exposure to the latest thinking in economics and the chance to engage in scholarly discussions can help young economists develop their own ideas and research programs, which may ultimately lead to groundbreaking contributions in the field," he said.

"It will provide a platform for recognizing and rewarding outstanding research in economics through various prizes and awards," he added, noting the Frisch Medal, a prize for promising economists with significant contributions, which is awarded during the congress.