Chapter

Japan: A Dual Economy

William W. Lewis

in The Power of Productivity

Published by University of Chicago Press

Published in print April 2004 | ISBN: 9780226476766
Published online February 2013 | e-ISBN: 9780226477008 | DOI: http://dx.doi.org/10.7208/chicago/9780226477008.003.0002
Japan: A Dual Economy

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This chapter presents an analysis of the Japanese economy. It suggests that despite Japan's stature as an economic powerhouse, its condition is precarious. All the factors that economists traditionally think contribute to economic prosperity are not enough for Japan. Despite the unrivaled success of such big names as Honda, Sony, and others, the Japanese severely distort competition in most of their markets where goods and services are sold. There, productivity ranks among the middle-income countries, not the richer ones. These product market distortions simply overpower labor and capital market factors, and limit the potential influence of macroeconomic policy.

Keywords: Japanese economy; competition; productivity; product market; macroeconomic policy

Chapter.  10680 words.  Illustrated.

Subjects: Economic Development and Growth

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