tag:blogger.com,1999:blog-913318078282493927.post3754911236328604476..comments2024-01-29T02:45:22.069+09:00Comments on The Korean Foreigner: High Youth Unemployment? Blame the Parents.John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-913318078282493927.post-71106850071518536042015-09-15T05:45:05.348+09:002015-09-15T05:45:05.348+09:00It is understandable that people wouldn't want...It is understandable that people wouldn't want to be underemployed after all the work and money that was invested, I'm not sure if it's part of the society or people just want the money and work worth, however it's the case, I think people could take the jobs at the towns that is a good option, save and look for possibilities of investmen to grow that money, like foreign trading, a business, buying a house and rent it, etc.Anonymoushttps://www.blogger.com/profile/08156248567010250908noreply@blogger.comtag:blogger.com,1999:blog-913318078282493927.post-54226349984714208252015-09-15T05:44:51.716+09:002015-09-15T05:44:51.716+09:00It is understandable that people wouldn't want...It is understandable that people wouldn't want to be underemployed after all the work and money that was invested, I'm not sure if it's part of the society or people just want the money and work worth, however it's the case, I think people could take the jobs at the towns that is a good option, save and look for possibilities of investmen to grow that money, like foreign trading, a business, buying a house and rent it, etc.Anonymoushttps://www.blogger.com/profile/08156248567010250908noreply@blogger.comtag:blogger.com,1999:blog-913318078282493927.post-16898167905886415482014-05-16T14:37:13.985+09:002014-05-16T14:37:13.985+09:00great read. i would agree with a lot of what you h...great read. i would agree with a lot of what you have to say. as a korean who lives in america, your statement on how korean parents are and their mindset is so true. Nothing worse than listening to a bunch of parents squabbling/boasting at each other about how great their daughter/son is when they meet. (mostly consisting of talking about which universities they went to or cheobol corporations they work for)<br /><br />One thing though, the unemployment rate in Korea still feels artificially low (overall unemployment rate). although i am not 100% sure, the measurement of employment is different between Korea and USA i believe. there may be a case that people that would be categorized as a part time worker in USA is counted as part of full time work force in Korea.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-913318078282493927.post-26044349454060901002013-12-20T16:17:49.937+09:002013-12-20T16:17:49.937+09:00You're right that higher education does not me...You're right that higher education does not meet the exact requirements that are needed to be considered an actual Giffen good. I'm one of those people who is skeptical about the existence of a pure Giffen good. As I said, it seems like it's one of those things that comes close to being one. But as the saying goes, "close but no cigar."<br /><br />The minimum wage bothers me but it's not because I think it decreases employment overall. The markets always equilibrates eventually to take any rise in the minimum wage on the macro level. It's what happens in the micro level that bothers me in the sense that I think it hurts the most vulnerable members of societies. As Milton Friedman called them, "marginal workers."<br /><br />Projected future earnings was something that I should have mentioned. It probably influences people the most when it comes to deciding to get a college education (if we discount cultural expectations). I will make it a point to incorporate that the next time.<br /><br />As for the "better" lives bit, I never said that I knew what was better. Well, when I have my philosopher hat on, then I take certain positions, but I did not in this article precisely because, as you pointed out, an economist (or at least an amateur one in this case) does not make such normative statements. My comment was that parents want better lives for their children, whatever "better" is supposed to mean.John Lee (the Korean Foreigner)https://www.blogger.com/profile/01291995846376789325noreply@blogger.comtag:blogger.com,1999:blog-913318078282493927.post-85110390000418281382013-12-20T14:08:34.048+09:002013-12-20T14:08:34.048+09:00Hey John, I see you are still in the full swing of...Hey John, I see you are still in the full swing of thinking like an economist. There are a few things I would like to highlight in your reasoning.<br />1. Giffen goods : The condition of a Giffen good is that ONLY price can influence demand (a case could be made for the influence of Income ...) The reason people are willing to pay more for education is the perceived notion it will "pay off" aka future earnings. You say of course there is a discrepance between reality and what people believe, which is a truism ...Prices are a direct result of people's believes, and with some luck those prices get tested in the real world, and adaptions are made according to people's changed believe. As long as Koreans are convinced that a higher education pays better than not going through higher education, the price will continue to rise. So education is not a giffen good, it is a reflection of the believe that education increases value, even if corrected for cost of time and all else included.<br />2. Minimum wage: I am not convinced that minimum wages decrease employment in the long run, neither am I convinced that minimum wages increase employment in the long run. Minimum wage is not an economic decision, it is an ethical decision made to protect those who do not have the power to barter for themselves.<br />3. SME are always in short supply of good labor. It is part of being an SME. SME's are regarded as unstable, and potentially unsound for one future earning stability. People also regard the possibility of promotion inside an SME as too low, especially for those who believe themselves to be more competent than others. <br /><br />You might want to consider the notion of Future Earnings, and how it affects people's decision on what they will invest their time in.<br /><br />Live better lives? That is not thinking like an economist!!! An economist does not consider what is better or worse, it only looks at value and how people's choices are influenced due to their desire to maximize their utility. Who are you to say what is and what isn't better? For some potatoes are better then rice. For some higher education is better than no education. For some creating opportunities at all cost is better than not creating opportunities for no cost.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-913318078282493927.post-26926959632131717472013-12-19T15:24:05.314+09:002013-12-19T15:24:05.314+09:00What you say is true. Like I said, it's part ...What you say is true. Like I said, it's part of the myth that people have been fed. It's part of the collectively held beliefs about what a successful person ought to look like. People have bought into this myth, and that is major reason for youth unemployment.John Lee (the Korean Foreigner)https://www.blogger.com/profile/01291995846376789325noreply@blogger.comtag:blogger.com,1999:blog-913318078282493927.post-43406045089494231442013-12-19T15:20:12.595+09:002013-12-19T15:20:12.595+09:00Also, in Korea, nobody wants to marry a farmer.
I...Also, in Korea, nobody wants to marry a farmer.<br /><br />I used to hang out with a young farmer out in the countryside. His family owned several farms and sold a good chunk of land to property developers at premium rates. This guy drove a 2008 mustang, and commuted to Seoul 3 days a week (via train) to study Math at a small university. He loved his village and the countryside and had no wish to live in a big city.<br /><br />Unfortunately this made it very difficult for him to find a girlfriend...all the girls wanted coffee shop dates and glitzy Gangnam outings, and there was no way in hell their parents would let them marry a farmer.<br /><br />I wonder if he ever found someone.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-913318078282493927.post-39608779921312600832013-12-19T15:09:11.984+09:002013-12-19T15:09:11.984+09:00There are plenty SME jobs in Korea that need young...There are plenty SME jobs in Korea that need young, qualified and college-educated people....not enough for everybody, but snough to make a significant impact on the numbers. However:<br /><br />a) In Korea, if you don't work for a 'brand company' (i.e. Chaebol) or a public office, you're a failure<br /><br />b) In Korea, If you don't live in Seoul, you're a nobody (and a failure)...many of these jobs are in smaller cities<br /><br />Many would simply rather live with mom and dad and get pocket money until they get married (mom and dad footing the bill again) and hopefully start a business (again at the expense of mom and dad) http://www.koreabang.com/2013/stories/seniors-sacrifice-retirement-savings-for-their-adult-children.html<br /><br />Anonymousnoreply@blogger.com