The sense of value is always fluid and variable with a people as well as with an individual. The Korean people's sense of value is conspicuously different from that of the European peoples. One of the major reasons is that through their history the Korean people have had to live in insecurity and fear, and have found very poor opportunity of freely developing their own selves. The Koreans have little respect for the dignity of man. Their thinking is illogical. They have failed to learn to observe closely, analyse accurately, and determine precisely the cause of things happening under their eyes. On the other hand, they have made much of human relations, but not on an equal footing with each other in its strict sense, but from the vertical viewpoint of social strata. And their concern about respectability and their inclination toward an emotional way of thinking are also to be noticed. But what influences are brought to bear upon the sense of value? In the final analysis they are the social institutions, especially, the political system, as well as one's social experience in his formative period. So far as the Korean people are concerned, a proper sense of value is to be expected only when the insecurity and fear they feel in society are eliminated once and for all and each family sees to it that its children from a wholesome character. In this article, the writer also has briefly described the various ways of naming which actually prevailed among the people of the dynasty. They must be distinguished from those employed for characters of novels. The typical one of “Yang-ban” (the two classes of nobility), which was based on the principles of “O-haeng” (five elements) and “Chun-gan” (ten celestial stems), and that which is partially dealt with in the study of folklore, are also presented.