Macroeconomics and the Japanese Economy

by Hiroshi Yoshikawa

Overview

This work proposes a new approach to macroeconomics which draws upon the experience of the Japanese economy. The approach is similar to the Old Keynesian view: it rejects the Walrasian approach, and singles out real demand as the fundamental determinant of output in the economy as a whole. However, by maintaining that real demand constraints are important not only in the short-run, but in the long-run as well, it goes beyond what is normally understood as the Keynesian approach. It is also very different from the New Keynesian Economics; in particular, it regards the rigidity of nominal wages/prices as of secondary importance. The work is extensively illustrated by almost 200 figures and tables of data.

Product Details

ISBN-13:	9780198233268
Publisher:	Oxford University Press, USA
Publication date:	02/01/1996
Pages:	496
Product dimensions:	6.14(w) x 9.21(h) x 1.34(d)
Lexile:	1360L (what's this?)

Editorial Reviews

"Yoshikawa challenges 'neoclassical' macroeconomists with a lot of food (sushi) for thought."—Takatoshi Ito, Hitotsubashi University

"...an intellectually challenging book and worthy for everyone interested in economic history, economic theory, and econometric practice applied to the Japanese postwar experience."—Journal of Japanese Studies

From the Publisher