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: 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 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 the mainstream 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.
Table of Contents
1. Incomes and Welfare of the Japanese Today; 2. Economic History Part 1, The Tokugawa Period, 1603-1868, and the Meiji Era, 1868-1912; 3. Economic History Part 2, The Twentieth Century, 1912-1945; 4. Economic History Part 3, Postwar Recovery, 1945-1964; 5. Saving; 6. Macroeconomics; 7. International Finance; 8. International Trade; 9. Industrial Policy; 10. Public Finance; 11. Environmental Strategy; 12. Industrial Organization; 13. Finance; 14. Marketing; 15. Labor; 16. Technology
David Flath is Professor of Economics at North Carolina State University and a Research Associate at the Center for Japanese Economy and Business, Columbia University Graduate School of Business. He has previously been Professor of Economics at Osaka University.