Japan had one lost decade, but not two
Matt Yglesias thinks that Japan did indeed have two lost decades (1990-2007). But I disagree with the arguments he makes. I believe that 2002-2007 were good years for Japan. First of all, Matt cites the fact that Japan's employment-to-population ratio fell steadily from 1990. However, this must be weighed against the fact that Japan is aging extremely rapidly. In particular, the retirement of Japa
Japan, Reconsidered
A number of readers have asked me for an evaluation of Eamonn Fingleton’s article about Japan. Is Japan doing as well as he says? Well, no — but his point about the overstatement of Japan’s decline is right. Fingleton’s essay basically throws everything he can think of against the wall, in the hope that some of it sticks. And this detracts from the story. No, current account surpluses aren’t neces
Opinion | The Myth of Japan’s Failure (Published 2012)
Tokyo DESPITE some small signs of optimism about the United States economy, unemployment is still high, and the country seems stalled. Time and again, Americans are told to look to Japan as a warning of what the country might become if the right path is not followed, although there is intense disagreement about what that path might be. Here, for instance, is how the CNN analyst David Gergen has de
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