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 |
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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 |
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