This article attempts to answer the following queries. That is, since the foundation of modern Korea, (1) How have the economics research and teaching evolved? (2) How has the number of professional economists grown, and how have the research and teaching capacities of those economists evolved? (3) Where does economics research and education in Korea stand and where do the capabilities of Korean economists stand vis-à-vis the world level? (4) What criticisms have been raised against Korean economics education/research practices and Korean economists’ behaviors? How valid are those criticisms? (5) What are the research topics on which Korean economists might excel?