Roh Administration’s Real Estate Policies Receive Grade of D+

“What grade would professors of economics and management give to the real estate policies of the current administration?”

A total of 40 professors from major Korean universities including Seoul National University, Yonsei University and Ewha Womans University gave President Roh Moo-hyun’s real estate policies a D+, a near failing grade.

According to a survey conducted by Rep. Lee Jong-gu of the Grand National Party whose results were announced on June 10, the average grade of all economic policies was a C (equivalent to a grade of 51 out of 100).

Out of the 10 “subjects,” Real Estate Economics received the lowest grade, a D+, and the other nine, including Principles of Economics, Monetary Finance, International Economics, Labor Economics, and Industrial Organization received a C or C+.

The real estate economics field received harsh criticism such as, “It has few chances of success because of its artificiality,” and “attempting to stabilize prices by reducing supply is an absurd idea.”

The experts described the administration’s grasp of the principles of economics as, “A good try, but lacking technique,” and that the administration “does not fully understand market economics.” On Distribution Theory, the consensus was that the administration is “giving a stronger impression of splitting sides than contemplating the gap between rich and poor.” On macroeconomics, the administration was judged as “not knowing the fundamental reasons for the economic slump.”

Jung-Eun Lee lightee@donga.com