The Japanese Economy.

Print version record.

Japan remains one of the dominant economic powers. 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: an exception 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.

Cover -- The Japanese Economy -- Copyright -- Dedication -- Preface to the Third Edition -- Preface to the Second Edition -- Preface to the First Edition -- Contents -- List of Figures -- List of Tables -- Editor's Note -- Introduction -- The principles of economics apply in Japan as they do elsewhere -- Major themes -- Japan's economic growth and development -- Japan's integration with the world economy -- Government policies and their effects -- Economic institutions and practices peculiar to Japan -- A final comment -- 1: Incomes and Welfare of the Japanese Today -- GDP and national income.

Spending is either for consumption, investment, or accumulation of foreign wealth -- Investment contributes to sustainable consumption -- Consumption levels and national income -- Real income indices and revealed preferences -- The index number problem -- Substitution -- Nonmarket goods -- Shadow prices of nonmarket goods -- Comparing the value of nonmarket goods in Japan and the United States -- The distribution of wealth -- The underground economy -- Conclusion -- FURTHER READING -- 2: Economic History, Part 1: The Tokugawa Period (1603-1868) and the Meiji Era (1868-1912)

Tokugawa Period (1603-1868) -- Precursors of the Tokugawa hegemony -- The baku-han system -- The caste system (shi-nō-kō-shō ) -- Alternate attendance (sankin kōtai ) -- The honbyakushō system -- The seclusion policy (sakoku) -- Economic development during the Tokugawa era -- The Meiji era (1868-1912) -- Early steps of the new government, 1869-1871 -- Land tax reform -- Dispossession of the samurai -- Administration of the Finance Ministry under Matsukata, 1881-1886 -- Industry, trade, and imperialism in the late Meiji era -- Meiji industrialization in light of the Gerschenkron thesis.

Conclusion -- FURTHER READING -- Data -- Tokugawa Period -- 3: Economic History, Part 2: The Twentieth Century (1912-1945) -- World War I boom -- Zaibatsu -- Small firms -- The 1920s: party politics and deflation -- Military government and the wartime economy, 1931-1945 -- Conclusion -- Appendix -- FURTHER READING -- 4: Economic History, Part 3: Postwar Recovery (1945-1964) -- The American Occupation, 1945-1952 -- Democratization -- The rise and fall of government controls over the postwar economy -- The Solow growth model -- Basic premises of the model -- Constant returns to scale.

Constant national saving rate -- Constant growth rate of labor -- Technological change -- The Solow growth model and Japan -- The Japanese production function -- Return to steady state -- Conclusion -- FURTHER READING -- 5: Saving -- Measurement of saving -- Trends and fluctuations in Japanese national saving -- Government saving -- Saving rates of Japan versus other countries -- Theories of saving -- Life-cycle paradigm -- Ricardian paradigm -- Keynesian views on saving -- Analysis of Japanese saving patterns -- Conclusion -- FURTHER READING -- 6: Macroeconomy -- Business cycles in Japan.

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