Jin Joong-kwon: "Emergency National Management of Masks, a Socialist-Style Policy"

"State Intervention Due to Market Failure"

Jin Joong-kwon, former professor at Dongyang University / Photo by Yonhap News

[Asia Economy Reporter Kim Suwan] Former Dongyang University professor Jin Joong-kwon explained on the 3rd that the government's emergency increase of the public sales volume of masks by manufacturers due to the mask shortage is a "socialist-type policy."

On the same day, Jin posted on his Facebook, saying, "The market operates according to the logic of supply and demand, so if supply cannot keep up with demand, prices inevitably skyrocket."

He added, "There will inevitably be people who hoard and speculate on the price surge," and pointed out, "The state intervenes where the market fails."

The government is pushing to expand the supply volume of masks through public sales channels from the current 50% of daily production to over 70%.

According to the Ministry of Strategy and Finance on the same day, the government's mask supply task force (TF) plans to announce measures including this soon. Currently, the government supplies masks at half the market price through Nonghyup Hanaro Mart, post offices, and public home shopping.

On the same day, Deputy Prime Minister for Economy Hong Nam-ki attended an economic sector question session at the National Assembly and stated that the government is "considering significantly increasing" the public supply volume of masks from the current 50% of daily production.

This content was produced with the assistance of AI translation services.