Who Benefits from Inflation?=Shin Hwan-jong, Forest Books.
Shin Hwan-jong, a financial expert with over 20 years of experience in the bond and credit markets, argues in his book Who Benefits from Inflation? that the focus should not be on "how much will prices rise?" but rather on "who benefits from inflation?"
Inflation is often likened to a 'silent thief.' While the numbers in bank accounts remain the same, the purchasing power of that money gradually diminishes. For instance, a cup of Americano at Starbucks in Gangnam cost 4,100 won in 2019, but it has risen to 5,500 won in 2026, an increase of about 34% over seven years. In contrast, the nominal wage growth for Korean workers during the same period was only about 22%.
Not everyone becomes poorer when prices rise. In the 1970s, gold and commodities thrived; in the 1980s, bonds and stocks; in the 2000s, cash and bonds; and in the 2020s, big tech stocks have emerged. Those who capitalized on these trends accumulated wealth. The author traces the movement of money during periods of inflation throughout economic history.
Shin particularly focuses on the years 2026 to 2030. While AI may enhance productivity and potentially lower prices in the long run, he warns that during this transition, factors such as AI investment, geopolitical conflicts, and digital finance could lead to a 'complex inflation' that raises prices simultaneously. With significant investments in AI infrastructure, such as power generation, coupled with labor shortages due to population decline and increased demand for raw materials, production costs are likely to rise. He predicts that by the late 2020s, a 'moderate inflation' rate of 2-4% could become the new norm.
In the latter part of the book, he presents investment strategies based on these forecasts. He asserts that the traditional investment rule of 60% stocks and 40% bonds is no longer valid. However, he does not foresee high inflation persisting indefinitely. As AI boosts production and newly established facilities in the U.S. come online, there could be an oversupply leading to strong disinflation around 2030.
"Ultimately, the inflation of the coming era will not simply be a result of excessive money supply, but rather a structural and chronic issue created by an unprecedented supply-demand imbalance where 'the state must build factories, and AI requires physical infrastructure, yet the workforce has left the traditional labor market.'" (p. 454)
Marketing Brain in the AI Era=Kim Ji-heon, Galmaenamu
"Have a break and then... ask a question."
The chocolate brand KitKat has incorporated the advice to "take a moment before asking AI" into its long-standing slogan, "Have a break, Have a KitKat." This campaign has garnered over 3.5 billion impressions.
Author Kim Ji-heon, a professor of business administration at Sejong University, explains that the success of this campaign lies not in "effectively utilizing AI," but in "understanding the people who use AI." He emphasizes that the campaign successfully read the changes in human behavior and psychology brought about by technology. Therefore, he argues that the question should not be, "How much can AI replace marketers?" but rather, "What aspects of marketing can humans do better than AI?"
Kim asserts that the essential skills for marketers include the ability to define problems and understand people. It remains the responsibility of humans to decide which solutions proposed by AI to adopt and which issues to address.
In an era where anyone can produce above-average results using AI, he warns, "It is now more dangerous to blend in than to make mistakes. While AI can help generate above-average results more easily, it also means that everyone ends up with similar answers." He advises that to truly assist customers and create lasting impressions, marketers must continuously ask questions.
"The future capabilities of marketers will likely be evaluated not by how quickly they can obtain answers using AI, but by whether they can find more fundamental reasons in collaboration with AI. This is not difficult. A simple prompt can initiate a conversation with AI: 'Do not provide an immediate solution to my question. First, question the assumptions and definitions of the problem in my question. Help me identify what I am taking for granted and reframe the problem from a completely different perspective.'" (p. 30)
* This article has been translated by AI.
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