The Japanese Economy
Oxford University Press, 2000 - Business & Economics - 368 pages
Despite recent upheavals, Japan remains one of the dominant economic powers at the end of the twentieth century. Yet the Japanese economy is one of the most misunderstood phenomena in the modern world. Conventionally, Japan is presented as the exception to mainstream economic theory: anexception to the standard models of modern economics. This book demolishes that notion, bringing the full analytical power of economic thought to all aspects of the most dramatic economic success story in recent times. David Flath concentrates on four main themes: Japan's economic growth and development Japan's integration with the world economy Government policies and their effects Economic institutions and practices By applying common economic tools such as the Solow growth model, Modigliani's life-cycle model of saving, Becker's theory of investment, Samuelson's theory of revealed preference, Coase's exposition of the problem of social cost, and the modern theory of industrial organization, this book shows themainstream principles of economics apply in Japan as successfully as they do elsewhere. Aimed at 3rd/4th year undergraduate and graduate courses on Japan, this book will be indispensable both for students and instructors alike. Lucid explanations and comprehensive and rigorous analysis make it a natural choice for any interested in comprehending the rise of the Japanese economy.
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aggregate demand aggregate supply American anti-monopoly laws assets autarky Bank of Japan bonds business cycle capital cartels company-specific skills consumption corporate costs countries currency current account debt deposits depreciation developed domestic economic effect employees employment enterprise exports Figure financial keiretsu firms fiscal foreign direct investment funds growth imports industrial policy inflation interest rates intermediaries issued Japanese banks Japanese economy Japanese government keiretsu labor force loans main bank manufacturing Meiji Meiji era Meiji government ment Mitsubishi Mitsui national income nomic oligopoly output Pacific war party percent political postwar prime minister production profits purchases purchasing power parity real exchange rate real GDP recession regulation relative retail samurai SCAP sector securities Seiyūkai spending steel subsidies Sumitomo supply Table textiles tion Tokugawa Tokyo unemployment rate unions United University Press wage wealth wholesalers workers zaibatsu