School of Economics

“Economics is a study of mankind in the ordinary business of life.”

Above is the definition of Economics defined by a 19th -century Economics Economist Alfred .Marshall. This definition is still valid today in the 21st century. We can say that social science deals with human life, but the reason why Marshall’s definition is relatable is as Economics deals with the most fundamental questions of our life- eating and living.

Economics is often said to be a study that deals with the economic issue. The economic issue here is the problem arising as the human wants are infinite, but the resources to satisfy them are finite. Therefore, we always face the problem of choice.
With limited resources, which choice would bring the most satisfaction? Which choice is the best choice?
Economics is the closest study of our daily life, as it deals with the problem of choice that we face every moment of our lives.
It is no exaggeration to say that international relations, as well as the recent domestic social phenomena, cannot be comprehended without an economic perspective. For example, none of the recent unemployment problems, environmental problems, income disparities, nor economic cooperation between North and South, or trade friction between the countries, are unrelated to economic problems.

Thus, economic concepts and knowledge are inevitably required to understand these various social phenomena correctly and to search for the desirable alternative. In addition, the significance of economic issues is growing, and the need for Economics is growing.

In this way, economics not only deals with the most essential problems of eating and living but analyzes the daily life around us in a narrow term and all the social phenomena surrounding us in a broad term. Therefore, Economics cannot exist apart from our lives and could be called the very life itself. This is why people do not hesitate to call Economics the flower of social science.

Cultivating rational and enterprising economic experts demanded by modern society

It is no exaggeration to say that comprehension of economic relations is necessary to understand modern society.

Therefore, to become a leader of modern society, it is necessary to have an economic perspective above all. In fact, each field of society such as academia and research institute, politics, various administrative institutions, business, and financial sector and media are demanding more and more world-class competent economic experts as a leader in our society.

The Department of Economics at Yonsei University focuses on cultivating a rational and enterprising economic expert who has the economic analysis ability and business skills demanded by modern society.

History of the Department of EconomicsSchool of Economics at Yonsei University

The history of School the Department of Economics at Yonsei University is also a history of Korean Economics. Also, the history of Yonsei University cannot be discussed without mentioning the history of the Department School of Economics. Professor Lee Sun-tak, Professor Baek Nam-un, and Professor Yong-Kyu Lee during the Private Yonhi College era were not only outstanding scholars but also scholars of national consciousness under the Japanese rule. Many of them were jailed for resistance to Japanese rule and temporarily dismissed from school. They tried to acquire contemporary Economics knowledge mainly through Japanese academia, and pass it on to the next generation.

The Department of Economics was founded as an independent department in 1946, after liberation. Professor Choi Ho-jin and Professor Kim Sang-Kim Kyum became major economists, and Economics education was divided into three areas of economic history, economic theory, and economic policy. They provided the basis for the development of Korean economics through research education. They also played a crucial role in the creation of the Korean Economic Association, which is currently leading the Korean economy. As their students started to work as professors from the 1970s, the courses have been reorganized to strengthen the economic theory.

Courses that apply those microeconomics and macroeconomics theories in real life are provided. Department School of Economics at Yonsei University is trying to pursue the nationalism and the historical consciousness of the Private Yonhi College era, while at the same time trying to accommodate the latest economic theories of the developed countries such as the United States.