[Opinion] Our Society, It's Time to Return to the Basics

Professor Kim Hong-beom, Department of Economics, Gyeongsang National University

Let's consider a hypothetical situation. A student is repeatedly late for the first class in the morning. The unfortunate reason is that they come late after working a night shift and catching a short nap. The professor briefly contemplates whether to mark this student's tardiness as on-time attendance. However, that is not possible. First, attendance management is a trust evaluation of how faithfully each student adheres to the agreement of punctuality, regardless of personal circumstances. Also, if such cases become known, the number of latecomers would surge, disrupting the order of the class. Everyone would then demand exceptions for their own reasons for being late.

Eventually, the professor recommends this student for a scholarship so that they can quit the night shift altogether. But the university authorities express reluctance. They intend to distribute the available scholarship funds equally to all enrolled students who participated in face-to-face classes despite COVID-19, as a form of consolation. Of course, this is just a hypothetical scenario by the author. No university in the world distributes scholarships meant to support financially struggling students as pocket money to all students.

However, similar situations blatantly occur in our society. For example, due to recent loan regulations, high-credit borrowers end up paying higher interest rates than low-credit borrowers. This is a reverse discrimination against high-credit borrowers caused by politicians who have been demanding low-interest loans for low-credit borrowers. In terms of the earlier hypothetical example, it is as if students who were on time are treated as late, and latecomers are treated as on-time attendees. The more faithfully one repays principal and interest, the more disadvantaged they become. Who would willingly maintain their credit under such circumstances? If this continues, the spread of credit disregard will inevitably lead to financial disorder and industrial contraction.

Another example is the popularity of politicians who have insisted on equal distribution of disaster relief funds to comfort all citizens during the COVID-19 era. Meanwhile, there are groups (such as self-employed individuals) who have suffered concentrated damage by strictly adhering to government quarantine measures. While being stingy with necessary support, these politicians advocate for nationwide disaster relief funds to empty the national treasury generously again like last year. This is a shortcut to wasting taxpayers' money.

In short, populism is rampant throughout our society and the daily lives of citizens. Politicians cleverly shift the hardships of various social classes onto others and declare that the state will take care of them. This openly fosters divisions among the common people and elites, left and right, youth and elderly. As more citizens rely on government support, state intervention becomes more normalized, and politicians from all parties stake their lives on immediate votes. Adding to this is the great failure of income-led growth and real estate policies, making many ordinary people who chase only quick profits without regard for productive activities appear rather wise. It is a serious state of confusion in social values. What should be done?

Back in 1993, former UK Prime Minister John Major appealed to "Back to the Basics." The 'basics' included "self-discipline and respect for the law," "consideration for others," and "taking responsibility for oneself and one's family without shifting it to the state." In fact, his appeal is much more urgent for our people now than it was for the British public at that time.

The presidential election is four months away. Regardless of the outcome, it is time for our society to end its wandering. Before it is too late, all citizens must return to the basics.

Kim Hongbeom, Professor of Economics, Gyeongsang National University

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