[News Today] Nobel laureate hails Korean democracy

[LEAD]
Nobel economics laureate James Robinson sat down with Seoul Mayor Oh Se-hoon for a discussion on national growth. He pointed to South Korea's democratic development as the key behind its economic success.

[REPORT]
Professor James Robinson was awarded the Nobel Prize in Economic Sciences for his research on how political institutions affect a country's economic prosperity.

He has attributed South Korea's economic growth to its inclusive political system, in other words, democracy.

The professor said that ever since the country transitioned to democracy, it was able to achieve explosive economic growth through high levels of creativity.

Prof. James Robinson / University of Chicago, U.S.
I think all of that explosion of creativity is unimaginable without the creation of democracy.

He said Korea's democracy will continue to play an important role in future economic growth such as in AI.

Prof. James Robinson / University of Chicago, U.S.
Not just artificial intelligence, you were behind on everything and you caught up because you created an inclusive society and people solved the problem, that's what people do.

Robinson also predicted that issues of low birthrate and demographic cliff Korea is facing won't present a big problem to economic prosperity.

He said the UAE's example of bringing in foreign workforce to resolve such challenges can provide a reference point.

Prof. James Robinson / University of Chicago, U.S.
In a way that made everybody better off mutually, better for everybody, for the Emirates, so I think that's an obvious model and that shows it can be feasible.

Meanwhile, Seoul mayor Oh Se-hoon stressed the need for selective welfare in a bid to ease inequality.