Essay awardees give helpful advice on AI, basic income

Essay awardees give helpful advice on AI, basic income

The Korea Times President-Publisher Oh Young-jin, left, and Woori Bank Executive Vice President Hwang Kyu-mok, right, applaud after giving awards to the winners of the newspaper’s 17th English Economic Essay Contest at the Lotte Hotel Seoul, Tuesday. From left are Oh, Hwang Jee-seon, Kyle Wardwell, Lee Jae-hyeon, Koh Woo-sung, Lee Yoon-ki, Samuel Wilson and Hwang. Korea Times photo by Shim Hyun-chul

By Park Jae-hyuk

In their award-winning English economic essays, university students suggested ways for society to enable co-prosperity between people and artificial intelligence (AI), and expressed their thoughts on the merits of introducing a basic income system here.

The Korea Times invited the six winners of the newspaper’s 17th English Economic Essay Contest to an awards ceremony at the Lotte Hotel Seoul, Tuesday.

Korea Times President-Publisher Oh Young-jin and Woori Bank Executive Vice President Hwang Kyu-mok also attended the event ― the bank has sponsored the contest since its inception.

This year, students were asked to write on one of two subjects: “What are your suggestions for co-prosperity between people and AI?” or “Do you agree with the idea of institutionalizing a basic income system?”

Students from across the world elaborated on their original ideas in their essays.

Awardees in the first topic advised governments to make investments to retrain workers to adapt to AI. Educational reforms and flexible regulatory systems were also mentioned as solutions for the transition towards an economy with a higher degree of automation.

Those who wrote on the second topic differed on the necessity of a basic income system. Opponents of the system raised concerns about the possibility of Korea becoming less innovative, but there was also the opinion that an inclusive social safety net is required to reduce inequality.

The contestants cited renowned experts and news reports to support their thoughts, while some of them mentioned case studies in other countries.

“Both topics are crucial issues for our future,” President-Publisher Oh said. “The Korea Times Economic Essay Contest will continue to serve as the window for the younger generations to express their opinions about economic and global issues.”

Woori Bank Executive Vice President Hwang said: “We were able to think carefully about the deepening polarization in Korean society after the outbreak of the COVID-19 pandemic, and about a world where AI is replacing humans. The fresh ideas you have proposed will be a great help to those in the relevant fields, not only to Korea Times readers.”

Among the six winners, KAIST student Lee Jae-hyeon and Sungkyunkwan University Graduate School of Business student Kyle Wardwell won the Grand Prizes.

“It was a meaningful opportunity as I could do research and organize my own thoughts about the topic of AI that has been discussed frequently,” Lee said.

Wardwell, who comes from the United States, showed his gratitude for students getting the opportunity to critically analyze, research and share their opinions about important economic issues.

Seoul National University student Hwang Jee-seon and Yonsei University student Koh Woo-sung claimed the runner-up awards. The commendation awards went to George Mason University Korea student Samuel Wilson and Hanyang University student Lee Yoon-ki.

Each of the Grand Prize winners was given 3 million won and an award plaque. Each of the runners-up received 2 million won and a plaque, while 1 million won and a plaque were given to each of the commendation award winners.

News Related

OTHER NEWS

Biz hour curbs cause largest drop in in-person spending among all measures: BOK report

By Koh Byung-joon SEOUL, Jan. 24 (Yonhap) — Curbs on business operation hours have resulted in the biggest shrinkage in the “consumption of in-person services” among various antivirus measures introduced ... Read more »

Public firms to hire over 26,000 new regular workers this year: gov't

SEOUL, Jan. 24 (Yonhap) — South Korea’s public institutions plan to hire more than 26,000 new regular workers this year in an effort to help buttress job creation, the finance ... Read more »

Omicron becomes dominant variant; new COVID-19 cases above 7,000 for 3rd day

People wait in line to get tested for COVID-19 near Seoul Station in central Seoul, Jan. 23. Yonhap Korea’s daily coronavirus cases stayed above 7,000 for the third straight day ... Read more »

Doosan Heavy wins 160 bln-won plant order in Germany

SEOUL, Jan. 24 (Yonhap) — Doosan Heavy Industries & Construction Co., a South Korean plant builder, said Monday its German subsidiary has received a 160 billion-won (US$134 million) order for ... Read more »

Yoon leads Lee 42% to 36.8%: poll

This compilation image shows (from L to R) presidential candidates Lee Jae-myung, Yoon Suk-yeol, Sim Sang-jeung and Ahn Cheol-soo. (Yonhap)Main opposition presidential candidate Yoon Suk-yeol is leading his ruling party ... Read more »

Kia aims to sell 25,000 Niros in S. Korea this year

SEOUL, Jan. 24 (Yonhap) — Kia Corp., South Korea’s second-biggest carmaker, said Monday it aims to sell 25,000 units of the all-new Niro SUV model in the domestic market this ... Read more »

Air Busan opens Busan-Saipan route amid pandemic

SEOUL, Jan. 24 (Yonhap) — Air Busan Co., a budget carrier unit of Asiana Airlines Inc., said Monday it has opened the Busan-Saipan route following a travel bubble agreement. On ... Read more »

When will Korea see its first xenotransplantation surgery?

This handout photo released by the University of Maryland School of Medicine shows surgeons performing the transplant of a heart from a genetically modified pig to a patient in Baltimore, ... Read more »

S. Korea's public golf courses push operating profits 40% on the back of golf boom

Victoria Golf Club in Yeoju, Gyeonggi Province. South Korean public golf courses pushed their operating profits to an all-time high of 40.5 percent as they hiked their green fees 19 ... Read more »

Formula E bags multi-year free-to-air broadcast deal with Channel 4

A Formula E race. Formula E's 16 races for the 2021-22 season will be aired on UK free-to-air broadcaster Channel 4, the network's All 4 streaming platform, and its sports-dedicated ... Read more »

Korea decides to offer $250 mil. in low-interest loans for Egypt's railway project

Export-Import Bank of Korea /Yonhap The state-run Export-Import Bank of Korea said Sunday it has decided to offer US$250 million in low-interest loans to support Egypt’s national railway modernization project. ... Read more »

Beijing district orders mass virus testing ahead of Olympics

(AP-Yonhap)BEIJING — People in a Beijing district with some 2 million residents were ordered Sunday to undergo mass coronavirus testing following a series of infections as China tightened anti-disease controls ahead ... Read more »

N. Korea criticizes Japan's move to revise security documents

(Reuters-Yonhap)North Korea’s foreign ministry on Sunday criticized Japan’s moves to revise a set of key security documents as “extremely dangerous” steps away from its long-held defense-oriented policy. Japan has reportedly ... Read more »

FTC, maritime ministry conflict over freight rate collusion issue intensifies

An HMM container ship / Courtesy of HMM By Kim Hyun-bin Conflict between the country’s antitrust regulator and the Ministry of Oceans and Fisheries is intensifying, as the Fair Trade ... Read more »

Restructuring steelmakers consider upping dividends to ease shareholder concerns

POSCO CEO Choi Jeong-woo By Lee Kyung-min Korea’s steel giants are increasingly embracing shareholder-friendly dividend policies, in a collective move to appease investor concerns over corporate restructuring plans, whereby the ... Read more »

New Balance eyeing NFT and metaverse markets based on trademark filings

The trademarks would help protect New Balance’s intellectual property in the digital world. New Balance is preparing to enter the sneaker-based non-fungible tokens (NFTs) market, as evidenced by its filing ... Read more »

Korean bio stocks plunging as large-cap players mired in unceasing scandals

Retail investors of SillaJen protest in front of the Korea Exchange in Seoul on Jan. 18, calling for the resumption of its stock trading. Yonhap By Lee Min-hyung Korea’s biotech ... Read more »

Fire at EcoProBM factory concerns Samsung SDI, SK on

EcoProBM’s factory in Cheongju, North Chungcheong Province, is on fire, Friday. Courtesy of National Fire Agency By Park Jae-hyuk Samsung SDI and SK on are facing growing concerns over the ... Read more »

Bitcoin fall unnerves investors in Korean stock market

Seen above is the price fall of Bitcoin at an office of Bithumb in Seoul, Friday. Yonhap Growing fears of Fed’s tightening, rate hikes to boost selloff of risky assets ... Read more »

7,630 new COVID-19 cases reported as Omicron surges

A person is tested for COVID-19 at a makeshift testing station in front of Seoul Station, Sunday. Yonhap Experts warn gov’t to take action over Omicron, as 7,000-plus confirmed cases ... Read more »

Mom's Touch delisting feared to benefit large shareholders only

The owner of a Mom’s Touch franchise restaurant in Seoul holds a sign protesting the franchisor’s abusive management practices, Oct. 27, 2021. Korea Times file By Lee Kyung-min Criticism is ... Read more »

Minor opposition candidates level criticism at Lee, Yoon

Presidential candidate Ahn Cheol-soo speaks with members of South Gyeongsang Provincial Council on Sunday. (Yonhap)As the presidential election is drawing near, minor opposition candidates Ahn Cheol-soo and Sim Sang-jung are ... Read more »

Samsung Electronics about to reach wage agreement

The flag of Samsung hangs in front of a building in the Samsung Town office park in Seocho District, Seoul, in this 2020 file photo. Korea Times photo by Bae ... Read more »

Exports of red pepper paste surge 63% over 4 years on K-pop popularity

gettyimagesbank Exports of red pepper paste soared nearly 63 percent over the past four years thanks to the global popularity of Korean pop culture, data showed Sunday.Overseas shipments of the ... Read more »

Can Yoon Suk-yeol win on his own without any help?

Presidential nominee Yoon Suk-yeol of the main opposition People Power Party speaks Saturday during a campaign event held in Sejong. (Yonhap)There is growing opinion that presidential nominee Yoon Suk-yeol of ... Read more »

Hyundai wins 5 awards in US News & World Report 2022

Hyundai’s Tucson Hybrid / Courtesy of Hyundai Motor Group By Kim Hyun-bin Hyundai has won U.S. News and World Report 2022 Best Cars for the Money Awards in five categories, ... Read more »

‘Lockdown-like conditions' heap pressure on businesses across Australia

The ongoing surge of Omicron has left many states in limbo, with “lockdown-like conditions” keeping people away from restaurants and retail stores. Staff shortages have also been reported due to ... Read more »

Exports of red pepper paste surge 63 pct in 4 years on K-pop popularity

SEOUL, Jan. 23 (Yonhap) — South Korean exports of red pepper paste soared nearly 63 percent in the past four years thanks to the global popularity of Korean pop culture, ... Read more »

Iran pays delinquent UN membership fee with funds frozen in S. Korea

(The Ministry of Economy and Finance)Iran has paid its dues to the United Nations with the country’s funds frozen in South Korea in a move to immediately restore its voting ... Read more »

Bitcoin falls to as low as $34,000

Representation of cryptocurrency bitcoin is seen in this Nov. 29, 2021, illustration. Reuters-Yonhap Bitcoin dropped again on Saturday and was last down around 4 percent for the day, hovering around ... Read more »

New COVID-19 cases spike to second-largest figure amid Omicron woes

A medical worker takes samples from a woman for COVID-19 at a makeshift testing center near Seoul Station in central Seoul, Jan. 21. Yonhap South Korea’s daily coronavirus cases on ... Read more »

UFC collaborates with Dapper Labs for NFT marketplace

The NFTs would spotlight some UFC stars, including Francis Ngannou. The Ultimate Fighting Championship (UFC) has launched the ‘Strike’ non-fungible token (NFT) marketplace in collaboration with blockchain technologies company Dapper ... Read more »

Companies fear new industrial accident law

By Lee Kyung-min Shipbuilding, construction, machinery and parts manufacturing companies are deeply concerned about a new law set to take effect next week that will hold the heads of big ... Read more »

Japan's Supreme Court favors website owner over nonconsensual bitcoin mining case

The Coinhive program would automatically download onto the computers of those visiting Moroi’s website without their consent and start conducting the resource-intensive and time-consuming task of mining cryptocurrency. Japan’s Supreme ... Read more »

Cuba relaxes COVID requirements for Russian tourists arriving in groups

Cuba’s embassy in Moscow told that the entry regulations had been relaxed for Russian travelers due to an improving epidemiological situation in the country Read more »

Sibir nuclear-powered icebreaker arrives at homeport of Murmansk from Baltic Shipyard

In Murmansk, the Sibir will start operating along the Northern Sea Route Read more »

India likely to go back to real GDP growth trend of 6.5% with these three drivers of economy firing: Aditya Birla Sun Life AMC's CIO

GDP Growth, Economy Mahesh Patil, CIO, Aditya Birla Sun Life AMC In 2021, global equity markets attained new all-time highs driven by strong corporate earnings growth even in the face ... Read more »

Moon returns home after trip to Middle East

President Moon Jae-in returned home Saturday from a three-nation trip to the Middle East, where bolstering economic and defense cooperation was high on the agenda. In the United Arab Emirates, ... Read more »

Daily cases bounce to over 7,000 for 1st time in month amid Omicron woes

A woman wearing a face mask as a precaution against the coronavirus passes by a social distancing sign at a park in Seoul, Jan. 20. AP-Yonhap South Korea’s daily coronavirus ... Read more »

BBQ's ESG issues feared to hamper overseas expansion

Genesis BBQ Chairman Yoon Hong-geun gives a speech during the company’s 25th anniversary, at one of his company buildings in Seoul, on Sept. 1, 2020. Courtesy of Genesis BBQ By ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic