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The 21 st century has the potential to be the age in which all the people on the globe will enjoy a high standard of living in a truly peaceful world. The economic performance of Japan in the 20th century provides an important experience and lesson for this outcome.

In this context the book, which contains both de*ive and analytical materials about the Japanese economy, will afford clues for further discussion. General features of the Japanese economy, together with its historical and geographical background, are first described. Its well-known rapid economic growth in the 1960s is then analyzed quantitatively in the light of econometric findings. The facts on capital accumulation, international trade, technical progress, industrial structure, business cycles, economic development, etc. are presented, and their relations to economic performance are discussed. Elementary economic concepts and theories are also explained with illustrations from the Japanese economy, so that the book may be easily accessible to general readers who will acquire a bird's-eye view of the Japanese econo~theoretical elucidation of its special features.

Preface

Chapter 1 General Features of the Japanese Economy

1. A Densely Populated Island Country

2. A Country with Meagre Natural Resources

3. A Country of A High GDP

4. An Industrial Country

5. A Country with Strong International Economic Relations

Chapter 2 The Causes of the High Economic Growth:(1) The Demand Side

1. The Miracle of the Japanese Economy

2. The Analysis of High Economic Growth by the Growth Accounting Method

3. The Analysis of High Economic Growth by the Econometric Model Method

Chapter 3 The Causes of the High Economic Growth: (2) The Supply Side

1. The Theory of the Production Function

2. The Estimation of the Production Function

3. The Growth Accounting of the Supply Side for High Economic Growth

4. The Barriers to Growth

5. The Characteristics of the Growth Accounting Method on the Supply Side

Chapter 4 Industrialization

1. Industrialization and Technical Progress

2. The Rate of Technical Progress for Individual Industries

3. Rapid Technical Progress and Rapid Economic Growth

4. Industrialization and Resource Allocation

5. Concluding Remarks

Chapter 5 The Stages of Technical Progress

1. Rapid Growth vs. Slow Growth: An International Comparison

2. The Stages of Technical Progress

3. The Economics of Imitative Technology

4. The Conditions of Imitative Technology

5. Concluding Remarks

Chapter 6 The Causes of High Economic Growth:The Econometric Model Simulation

1. The Macroeconometric Model

2. The Demand Factors

3. The Supply Factors

4. The Causes of High Economic Growth: Conclusion

Chapter 7 Aspects of Slower Economic Growth

1. The Turning Point of the Economic Structure

2. The Rise in Energy Prices

3. An Econometric Estimation of the Influence of the Oil Crises on the Japanese Economy

4. The Transition to Flexible Exchange Rates and External Liberalization

5. An Econometric Estimation of the Influence of Flexible Exchange Rates on the Japanese Economy

6. The Slowdown of the Rate of Technical Progress

7. An Econometric Estimation of the Influence of the Slowdown of Technical Progress on the Japanese Economy

8. The Change in the Composition of Effective Demand

9. The Influence of Increased Military Expenditures on Economic Performance

……

Chapter 8 Business Cycles

Chapter 9 The Present State of the Japanese Economy

Appendix A

Appendix B

Bibliography

Author Index

Subject Index

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