A fter several decades of rapid development, South Korea has recently experienced a critical economic downturn. The paper considers the prerequisites for the current state-of-the-art, as well as the new economic policy agenda aimed at fostering innovation in various sectors, thereby suggesting improved policy directions. To implement the innovation-driven policy, the Korean Кeywords: South Korea; Innovative Platform Programme; innovation-driven growth; income-led growth; economic regulation; fair economy; dynamic efficiency; fourth industrial revolution. government produced the framework for the Innovative Platform Programme (IPP), which covers a wide range of sectors related to Industry 4.0, such as artificial intelligence and blockchain. For the IPP to be successful, the authors believe, it is vital to understand and resolve the trade-offs between contradictory policy priorities-innovation-led growth, income-led growth, and a fair economy.

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