“To ensure public wellbeing in the uncertainty of the future in  South Korea, we have to strengthen knowledge resources and develop the ability for possible solutions in the principle of needonomics”,” opined Professor M.M. Goel  Founder of Needonomics School of Thought. He was delivering a special online lecture at the Asia Institute, Seoul ( South Korea) on the topic “Relevance of Needonomics for  South Korea of Today ”.  Prof. Emanuel Pasterich President of Asia Institute delivered a welcome address and presented a citation on the achievements of Prof. M.M. Goel. Dr Lakhvinder Singh and Prof. Jongsam  Shin of Asia Institute acted as discussants.

Needonomics is required for saying no to most of the problems caused by Greedonomics including violence, terrorism, exploitation, deprivation, discrimination, discontent, and corruption of all kinds prevailing in Korea today explained Prof. Goel.

He justified the principle of needonomics as an investment in innovation for all times to come.

The challenges and the socio-economic crisis faced today in South Korea (RoK) include a declining Birth rate, a becoming a super-aged (old) society, a high suicide rate among the youth, Korean cities are becoming highly polluted, an economy facing a low growth rate crisis causing serious unemployment among youth leading to increased unrest, high household debt, low marriage rate,  difficulty to maintain a family in  Seoul, the danger of nuclear war with North Korea increased and the peace process has completely collapsed, explained Prof. Goel.

To create demand for the goods and services, there is a strong case for adopting the NAW (Need, Affordability and Worth) approach to international marketing, believes Prof. Goel

We have to adopt needonomics flowing  Gita and become street SMART ( simple, moral, action-oriented, responsive, and transparent)  Koreans without no greedonomics, explained needonomist Goel.

We need well-structured rules for all the sectors in an economy with healthy discussions on stakeholders’ points of view as a sunk cost, believes Needonomist Goel.

There is no political angle to the knowledge of needonomics but peace, progress, and prosperity of all providing immediate, visible and practical solutions to the problems created by Greedonomics with zero risk in experiencing the mandate for existence, believes Prof. Goel.

To work without worries about existence, we need real education as proper, productive, and practical (3P) use of head, heart, and hands (3H), believes founder of Needonomics School of Thought.

We have to address the illness in the behaviour of all the stakeholders in the economy including consumers, producers, distributors, traders, policymakers, and politicians, said Prof. Goel.

We need faith in the capabilities and capacities of Koreans with Palli Palli culture in Needonomics based disciplined lifestyle, told Prof. Goel.

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