Skip to 0 minutes and 5 secondsPoverty, unemployment, disease, malnutrition, air pollution, educational gap, gender inequality.... There are so many social problems in the world. When you have problems of any kind, definitely you need solutions. In 18th century, Adam Smith came up with a wonderful idea – market mechanism, which leads to efficient resource allocation through the ‘invisible hand’, that is, price. The market mechanism resolved the poverty problem to a great extent. However, the market mechanism was not perfect, which is often called ‘market failure’. Accordingly, people ask government to solve the social problems, giving it budget and manpower. As we all know, yet, government was far from being perfect, which is often called ‘government failure’. Since the 1980’s, people began to use NGO/NPO to address social problems.

Skip to 1 minute and 17 secondsThey have passion, knowledge and expertise in solving social problems. However, they depend on donations and/or government support, which raised concerns on sustainable service provision. What kind of social problems are you interested in? Is it possible for the market, government, or NGO/NPO to solve the problem in your mind?

How To Solve Social Problems?

Poverty, unemployment, disease, malnutrition, air pollution, educational gap, gender inequality and so on. There are so many social problems in the world.

What kind of ‘social problems’ are you interested in? Is it possible for the market, government, or NGO/NPO to solve the problem?

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This video is from the free online course:

Social Innovation in South Korea

Hanyang University