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

Yasumi Matsumoto

    Research output: Contribution to journalArticle

    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 languageEnglish
    Pages (from-to)1-13
    Number of pages13
    JournalGlobal Business and Economics Review
    Volume15
    Issue number1
    DOIs
    Publication statusPublished - 2013

    Fingerprint

    Economic growth
    Economic risk
    Japanese economy
    Japan
    Economic policy
    Social factors
    Earthquake
    Economic factors
    Social problems
    Resources
    Economic development
    Economic efficiency
    Human factors
    Second World War
    Arrow's impossibility theorem
    Economic structure
    Elasticity
    Logic

    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 journalArticle

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