It would be useful to read the following article in conjunction with the concept of inclusive innovation which emphasizes inclusive growth and economic development.. One of the significant flaws of Korea's economic model lies in not fully taking into consideration inclusive innovation and growth in the long run. I am not sure that the current administration is well aware of this. A solid economic policy requires a long term undertaking innovation that drives inclusion.
From Harvard Business Review:
Most innovation programs are built on the assumptions of affluence and abundance. The more, the better. Striving for bigger margins is B School 101. However, we see shaken consumers in the United States and Europe asking for inexpensive or value-for-money products and services. We see billions of first-time consumers in China and India—where economic growth is surging and 2 billion to 3 billion people will join the middle class in the next decade—who can afford only the cheapest offerings. We see the rich and the young in both the developed and the developing worlds demanding environment-friendly products and services. Affordability and sustainability, not premium pricing and abundance, should drive innovation today.
https://hbr.org/2010/07/innovations-holy-grail
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