Abstract
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 language | English |
|---|---|
| Pages (from-to) | 1-13 |
| Number of pages | 13 |
| Journal | Global Business and Economics Review |
| Volume | 15 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 2013 |
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Keywords
- 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
Cite this
Economic growth and risk - A critical review of the postwar Japanese economy. / Matsumoto, Yasumi.
In: Global Business and Economics Review, Vol. 15, No. 1, 2013, p. 1-13.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - Economic growth and risk - A critical review of the postwar Japanese economy
AU - Matsumoto, Yasumi
PY - 2013
Y1 - 2013
N2 - 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.
AB - 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.
KW - Economic efficiency
KW - Elasticity of society
KW - Export-oriented policy
KW - Japan
KW - Long depression
KW - Postwar Japanese economy
KW - Resource-economising technology
UR - http://www.scopus.com/inward/record.url?scp=84870680138&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84870680138&partnerID=8YFLogxK
U2 - 10.1504/GBER.2013.050663
DO - 10.1504/GBER.2013.050663
M3 - Article
VL - 15
SP - 1
EP - 13
JO - Global Business and Economics Review
JF - Global Business and Economics Review
SN - 1097-4954
IS - 1
ER -