INTERVIEW Universal basic income unnecessary for Korea in long term: Nobel-winning economist
Abhijit Banerjee, Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology (MIT) / Courtesy of Abhijit BanerjeeGov't needs to strengthen public education system for the underprivilegedBy Lee Hyo-jin The coronavirus pandemic has exacerbated inequality in many countries, and Korea is no exception. Nearly two years into the pandemic, the country is seeing deepening polarization in various areas of society, including education, employment, access to healthcare and housing. The unprecedented health crisis has had an especially hard impact on the vulnerable and poor, pushing them further into poverty, while the share of wealth owned by the rich has soared.As such, addressing the issue of increasing inequality between the haves and have-nots, will most likely become an even more pronounced long-standing trend even after the pandemic ends. This has become an urgent issue of concern for Korea's policymakers. One of the solutions floated by some policymakers and politicians here and abroad is the universal basic income (UBI) plan, under which the govern
