Our university hosted a special lecture by Professor James Robinson of the University of Chicago, the 2024 Nobel Laureate in Economic Sciences.
The lecture was held on December 22 at Room B501, Building 310, Seoul Campus, and was organized by the Department of Economics and the Economic Research Institute, and co-hosted by the university and the Korean Economic Association.
The event was part of a Distinguished Scholars Lecture Series commemorating the university’s 110th anniversary, and drew a full audience of faculty members and students from the Department of Economics, as well as representatives from the Korean Economic Association.
In his welcoming remarks, President Sang-Gyu Park stated that it was a great honor to invite a world-renowned scholar who has conducted profound research on the rise and fall of nations and the role of institutions. He expressed his hope that the lecture would provide students and researchers with broader perspectives and deeper intellectual insight.
Professor Keun Lee, a faculty member of our university and President of the Korean Economic Association, also spoke at the event. He praised Professor Robinson’s work for expanding the study of economic development beyond simple growth metrics to include institutions and political structures, noting that the lecture would serve as a meaningful academic stimulus for the Korean economics community and the next generation of scholars.
In his lecture, titled “Why Nations Fail or Succeed: The Power of Institutions,” Professor Robinson emphasized that the success or failure of nations depends critically on political and economic institutions. He explained that inclusive institutions, which guarantee political participation and citizens’ rights, foster long-term economic growth and innovation.
By contrast, he noted that extractive institutions, in which a small elite monopolizes power and resources, deepen inequality and undermine economic vitality, ultimately limiting national development. He added that such institutional differences have historically shaped divergent growth paths across countries.
Professor Robinson also highlighted Korea’s economic development as a key example, praising the role of institutional reforms following democratization in driving both economic growth and social progress. He described Korea as a representative case demonstrating how institutional change can reshape a nation’s future.
During the Q&A session that followed, students actively engaged with questions. Professor Robinson stressed that understanding the economy requires not only data and statistics but also a broader perspective incorporating history and institutions, emphasizing the importance of case-based analysis and interdisciplinary approaches.
The lecture provided participants with valuable economic insights and an opportunity for deep reflection through its thoughtful discussion of national development and the role of institutions.
