Economic growth and risk - A critical review of the postwar Japanese economy

Yasumi Matsumoto*

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review


    In this paper, I critically review the history of Japanese economic growth and the depression after World War 2 based on a recognition induced from Arrow's impossibility theorem such that pursuit of economic efficiency inevitably loses elasticity of society against the change of environment. Although any change of environment, especially a decisive one like the Great East Japan earthquake of March 11, 2011, was caused not only by natural phenomena but also by human, economic and social factors, etc., I try to investigate the logical reasoning between an economic structure historically created by economic policies and inevitable social problems caused by them. As a conclusion, the comprehensive economic policy of development of resource-economising technology and export-oriented policy employed just after the war seems to be a decisive cause of present long continuing depression in Japan because the policy was too successful in the economic development of post-war Japan.

    Original languageEnglish
    Pages (from-to)1-13
    Number of pages13
    JournalGlobal Business and Economics Review
    Issue number1
    Publication statusPublished - 2013


    • Economic efficiency
    • Elasticity of society
    • Export-oriented policy
    • Japan
    • Long depression
    • Postwar Japanese economy
    • Resource-economising technology

    ASJC Scopus subject areas

    • Business and International Management
    • Economics and Econometrics


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