The Japanese Economy 3rd edition by David Flath – Ebook PDF Instant Download/Delivery: 019870240X, 978-0198702405
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ISBN 10: 019870240X
ISBN 13: 978-0198702405
Author: David Flath
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 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 that the mainstream principles of economics apply in Japan as successfully as they do elsewhere.
Revised and updated to take account of recent developments in Japanese banking and macroeconomics, this book is an indispensable resource for students and instructors alike. Lucid explanations and comprehensive and rigorous analysis make it natural choice for anyone interested in comprehending the rise of the Japanese economy.
The Japanese Economy 3rd Table of contents:
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
Severity of Japan’s recent recessions
Aggregate demand: money and monetary policy
Japan’s money stock
Quantity equation
The quantity equation and the aggregate demand curve
Instruments of monetary policy in Japan
Monetary policy and Japanese business cycles
Aggregate supply: output and employment
Unemployment rates in Japan
The natural rate of unemployment
Underlying reasons for Japan’s low natural rate of unemployment
Lifetime employment
Minimum wage laws
Unemployment compensation
Demographic structure of the labor force
Business cycles and employment in Japan
Macroeconomic policy and performance in Japan
Conclusion
Appendix: Unemployment statistics of Japan
FURTHER READING
Data
General
7: International Finance
Balance of payments
Current account imbalance
Exchange rates and terms of trade
Interest parity
Purchasing power parity
The Balassa Samuelson effect
Exchange rate movements and the current account
The M arshall–Lerner condition
The J-curve
Hysteresis in the supply of imports and exports
Conclusion
FURTHER READING
8: International Trade
Gains from trade
The compensation principle
National gains from trade in a world of two goods
Measuring Japan’s gains from international trade
Composition of Japanese trade
Comparative advantage
Scale economies
Foreign direct investment
Comparative advantage as a rationale for foreign direct investment
Multinational enterprises
Why is Japan’s stock of inward foreign direct investment so low?
Japanese trade policy
International negotiations and Japanese liberalization
Trade friction
Conclusion
FURTHER READING
9: Industrial Policy
Thinking about industrial policy
“High value-added”
National defense
Marshallian externalities
International oligopoly
High technology
History of Japanese industrial policy
Industrial policy in the century before the postwar era
Industrial policy in the postwar era
Analysis of Japanese industrial policy
Conclusion
FURTHER READING
10: Public Economy, Part 1: Government Spending
The public sector of Japan
Government production in Japan
Government provision of goods in Japan
Politics, voting, and public choice
Some tentative conclusions
Public goods
Local public goods
International public goods
Other components of government expenditures
The social security system of Japan
Redistribution
Insurance
The intergenerational bargain
The government health insurance system
Education
Conclusion
FURTHER READING
11: Public Economy, Part 2: Taxes
Taxes in Japan
Meiji era and early twentieth century
The current tax system
Personal taxes and corporate income taxes
Consumption and excise taxes
Taxes on wages
Tax burden and incidence
Tax incidence
Incidence of an excise tax or wage tax
Incidence of corporate income tax
Tax burden
Tax reform and excess burden
Government borrowing
Tax smoothing
Sustainability of government debt
Conclusion
FURTHER READING
12: Environmental Policy
Four environmental crises
Mercury poisoning in Minamata
Mercury poisoning in Niigata
Cadmium poisoning in Toyama
Industrial pollution in Yokkaichi
Policies for meeting environmental standards in Japan
Economic incentives for pollution abatement
The 1973 Law for Compensation of Pollution-Related Health Injuries
Economic analysis of the compensation law
The “polluter pays principle”
Spillovers
Right to sunshine
Shinkansen noise
Private versus public administration of spillover disputes
Law and lawyers in Japan
Infrequency of litigation in Japan
Product liability law
Conclusion
FURTHER READING
13: Industrial Organization
Japan’s business groups
Financial keiretsu
Enterprise groups (kigyō shūdan)
The economics of cross-shareholding
Vertical integration
Industrial concentration and oligopoly in Japan
Factors besides concentration that influence price competition in Japan
Antimonopoly laws of Japan
Long-term trading ties
Welfare losses arising from oligopolistic pricing in Japan
Regulation
Regulatory institutions
Rationale for regulation
Deregulation: a new era?
Conclusion
FURTHER READING
14: Finance
Financial intermediaries
Commercial banks
Credit associations and co-ops
Insurance companies
Securities companies
Government financial intermediaries
Other intermediaries
Securities markets of Japan
Money markets
Interbank markets
Open markets
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