The Value of Money, in Ramen
The Value of Money, in Ramen
A pack of ramen cost 10 won in Korea in 1963; today it costs over 800 won. Is it true that "wages stay the same, but prices keep rising"? Follow ramen, the money in the country, income and wages with Bank of Korea statistics, in 13 scenes.
Watch from the start in 3DChapter 1 · Wages stay the same?
A pack of ramen went from 10 won to over 800 won. People say wages stay the same while prices keep rising.
- 1 A pack of ramen for 10 won
1963: 10 won → 2025: about 830 won
View in 3D → - 2 What people say
A common saying — is it true?
View in 3D → - 3 10,000 won in 1983
The same 10,000 won bought 100 packs in 1983
View in 3D → - 4 Counting in coins
One pack: 1 coin → 9 coins
View in 3D →
Chapter 2 · Why does everything go up?
Both ramen prices and wages became bigger numbers, because the money in the country grew faster than the goods.
- 5 A small village
When money is plentiful, price tags get bigger
View in 3D → - 6 Money grew faster
Goods about 7×, money about 88×
View in 3D → - 7 Where does money come from?
Most new money is deposits created when banks lend
View in 3D →
Chapter 3 · Over the long run
Over the long run, income rose faster than prices. What happens to money you save?
- 8 Did earnings stay the same?
Income rose far more than ramen prices
View in 3D → - 9 Saved money
Piggy bank 1× · deposit about 3.3× · prices about 2.1×
View in 3D →
Chapter 4 · Why it still feels that way
Recent years, everyday things, house prices and averages — where people have a point.
- 10 The last few years
Wages 19.2% · prices 16.6%
View in 3D → - 11 Prices in 2022
Imported goods jumped in price
View in 3D → - 12 Everyday things
Jajangmyeon and bus fares rose far more than average
View in 3D → - 13 Half right, half wrong
Summary
View in 3D →
More in the series
Prices, money, income, wages and interest rates come from the Bank of Korea Economic Statistics System (ECOS); ramen prices come from the National Archives of Korea and the Korea Price Research Center (as reported). All income and wage figures are averages. The banknote and ramen packs in the 3D view are sample drawings, not real designs or brands.