1. Asian Law and Economics Association Conference June 20, Seoul, Korea Teaching Law and Economics in Korea Haksoo Ko Seoul National University School of Law 1

2. Brief History of Law and Economics Education in Korea  First offered as an undergraduate course at Seoul National University College of Law in mid- 1980s.  A few more courses were offered in early 1990s, and course offerings steadily (and slowly) have been increasing ever since.  Also, steady increase of academic interests in the field  Increase in the number of researchers  Korea Law and Economics Association was established in 2002 2

3. Law and Economics Education in Korea Today  Current situation of course offerings  (based on the presenter’s non-comprehensive, non- systematic information)  15 – 20 courses are regularly offered nationwide in an academic year at an undergraduate level  Plus, several graduate level courses  Courses are offered mostly for economics students, not for law students  Courses are generally introductory courses  Not common to offer advanced level courses 3

4.  Universities where courses are regularly offered  (not exhaustive)  Seoul National University – Law; Public Policy  Yonsei University – Economics  Korea University – Economics  SungKyunKwan University – Economics  Kyung Hee University – Economics  Sookmyung Women’s University – Economics  Inchon University – Economics  University of Seoul – Economics  Pusan National University – Economics  Dongguk University – Economics  Chonnam National University – Economics 4 Law and Economics Education in Korea Today

5. Law and Economics Education in Korea Today: Survey Results  Students  (based on the presenter’s non-comprehensive informal survey)  Mostly economics major  Mostly college juniors and seniors  Courses are popular at many universities  Number of students is often close to or over 100  Expected to become more popular, especially among those who plan to apply to “Law School” 5

6. Law and Economics Education in Korea Today : Survey Results  Textbook  (based on the presenter’s non-comprehensive informal survey)  Popular textbooks  Se-Il Park (Korean)  Cooter and Ulen  And,  Posner  Polinsky  Plus,  Some other books, or course packets composed of compiled materials 6

7. Law and Economics Education in Korea Today : Survey Results  Subject legal areas that are covered  (based on the presenter’s non-comprehensive informal survey)  Major areas covered:  Property  Torts  Contracts  Litigation  Criminal law  And,  Corporate law  Competition law  Plus,  Intellectual property; Constitutional law; Administrative law  One major issue  To teach (mostly) the US law? Or, (mostly) applied economics? 7

8. Law and Economics Education in Korea Today : Survey Results  Graduate level interests  (based on the presenter’s non-comprehensive informal survey)  Growing interest  But, not much developed and served yet  Guidance and exposure needed  For economics students: to teach them it could be much more than applied microeconomics  For law students: to lower entry barrier (regarding economics methodology) 8

9. Law and Economics Education in Korea Today : Survey Results  Pedagogic challenges  (based on the presenter’s non-comprehensive informal survey)  Lack of background understanding of law or economics (of instructors and of students)  From economics  Possibility of ‘over-emphasis’ of economic methodology and technicality  Possibility of focusing on issues that are not legally important or not applicable in Korea  From law  Possibility of teaching ideas or methodology that are economically inaccurate or biased  Lack of textbooks written in Korean  Lack of cases, examples and other materials based on Korean experiences that can easily be used in class 9

10. Law and Economics Education in Korea Tomorrow?  General increase in interests and demand, but uncertainty remains  Introduction of the “Law School” system is the biggest factor  “Law School” factor  “Law School”: Post-graduate professional school  Student body:  Many are undergraduate economics or business majors  Student demand:  General increase in interest in areas related to economics and business 10

11.  Universities where courses are expected to be offered as law school courses under the new “Law School” system  (not exhaustive at all; situations can easily change)  Seoul National University  Korea University  SungKyunKwan University  Hanyang University  University of Seoul  Pusan National University  Many other schools seem to have plans to offer courses in law and economics, although these plans could just remain as plans 11 Law and Economics Education in Korea Tomorrow?

12.  Introduction of the “Law School” system  Positive effect  Continued increase in interest (or, even greater interest than before)  From students (and thus for course offerings) and also among academics  Limiting factors  Limited supply of instructors  Currently, some schools apparently have difficulties finding suitable instructors (and professors in the field)  Limited interest from the “traditional” legal academia 12

13. Law and Economics Education in Korea Tomorrow?  How to supply instructors and researchers to meet the growing demand?  Entry barrier  Issue of fluency in both law and economics  (Majority of) supply so far  Ph.D in Economics, often with degrees from major US universities  Background in industrial organization and/or in applied microeconomics  Usually no prior training in law  In relative terms, lower entry barriers for them to teach law and econ, especially competition law and econ  Any lawyers?  Not many. Often exposure to law and econ while pursuing graduate level legal training in the US  Some, after getting undergraduate law degree, obtained economics Ph.D (or, the opposite) 13

14. Law and Economics Education in Korea Tomorrow?  Supply of instructors and researchers  Challenges  Catering to advanced, diversified needs  Collaboration needed between law and econ scholars on the one hand, and scholars in subjective legal areas on the other  Staying “relevant” to today’s legal and institutional issues in Korea  Differentiation from the familiar dogmatic approach to law  Proving that law and economics is useful and relevant  Skeptics are abundant!! 14