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.