Introductory Korean drama

To an economist like me, this fondness for hospitals is surprising, because hospitals are expensive in Korea and much of the bill is not covered by Korea’s National Health Insurance system.  Price-elasticity of demand does not seem to work in Korean drama.

That is from Princeton economist Uwe E. Reinhardt, from a document from his “class” on Korean Drama (pdf).  He introduces the “class” with this explanation:

After the near-collapse of the world’s financial system has shown that we economists really do not know how the world works, I am much too embarrassed to teach economics anymore, which I have done for many years.  I will teach Modern Korean Drama instead.

Although I have never been to Korea, I have watched Korean drama on a daily basis for over six years now.  Therefore I can justly consider myself an expert in that subject.

By the way, I have been watching Boys Over Flowers lately, a Korean drama (it’s also on Hulu).  Think of it as a mix of Heathers, Mean Girls, and Clueless, but set in a posh Korean high school, with lots of “Average is Over” value.  There is definitely income-elasticity of demand in Korean drama, even if there is not much price-elasticity.  There is also plenty on matching models, moral hazard, status competition, and repeated games, and not always with cooperative solutions.

For the pointer I thank Oriol Andres.