[Viewpoint] Reflections of an Economist on the Presidential Election

Seojun Sik, Professor of Economics at Soongsil University

Doubting Democracy Due to Supporters’ Disadvantage

Plato was shocked by the then-ruling democracy sentencing his teacher Socrates to death through a vote by 501 jurors. He seemed convinced that the general public could be ignorant and, therefore, democratic systems could make wrong judgments. In his work The Republic, Plato applied a division of labor among citizens into classes such as farmers and artisans as producers, and soldiers and politicians, arguing that only philosopher-kings should serve as politicians.

Socrates also strongly warned about the ignorance of the people within the democratic system, urging to "know thyself." Among various types of ignorance, Socrates considered the worst to be the ignorance of thinking one knows what one does not know. He believed such ignorance, combined with human greed and crowd psychology, leads to poor decisions like war. Admittedly, during this presidential election process, the thoughts of Plato and Socrates frequently crossed my mind, especially when the poll ratings of the candidate I supported were low.

Shocked by Economic Diagnoses Differing According to Political Colors

Just as it is crucial to accurately check where one’s body is abnormal during a health checkup, the same applies to a country’s economy. When political leaders fail to properly identify the vulnerabilities of the national economy and implement policies, it is like a doctor performing liver surgery on a patient with digestive problems caused by stomach issues.

As an economist, what shocked me most during this presidential election was that candidates gave opposing diagnoses based on the same unquestionable economic data. It is somewhat understandable for doctors to disagree on whether to prescribe medication or perform surgery for a patient with stomach problems. However, if one doctor claims the stomach is the problem and another insists it is the liver based on the same test results, one of them is likely a quack.

It is clear from data that South Korea’s household debt relative to GDP is the highest among OECD countries, while the national debt is at the lowest level. It is also true that GDP has increased by 18% and foreign exchange reserves by 25% over the past five years, reaching record highs. Yet many ordinary citizens and small business owners are suffering. After reviewing these key diagnostic results, it is the duty of political leaders, regardless of the administration, to accurately identify the “sore spot” of our economy.

Feeling at Ease Watching Voters Lining Up

I voted early. The sight of countless voters lining up and waiting their turn was astonishing. During the quite long time standing in line with them, strangely, my anxious worry about what would happen if the candidate I supported did not win melted away like snow. Just as one feels how fragile an individual’s existence and judgment are within the vast nature or massive financial markets, I felt an overwhelming sense that I must accept the final decision of these many people with strong free will, even if it differs from mine. I felt at ease.

A leader to guide change for the next five years has been decided. I had believed that the outcome of the presidential election would significantly affect not only the national economy but also personal wealth. However, my thoughts have shifted slightly. I now believe that the South Korean economy will continue to develop and improve through the power of the people I saw at the early voting sites. Issues such as the deepening inequality in the ordinary economy and the discount problem in the domestic stock market will also be resolved by the people’s power someday. The thoughts of Socrates and Plato will, at least in South Korea, prove to be mere groundless fears.

Seojun Sik, Professor of Economics, Soongsil University

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