Growth Regimes in Japan and the United States in the 1990s
Based on Kaldor’s concept of ‘cumulative causation’, the causes of the economic stagnation in Japan and the high economic growth in the United States in the 1990s are clarified. For this purpose, we formalize mathematically and descriptively two-way routes between labour productivity growth and dema...
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| Format: | Article |
| Language: | English |
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Association Recherche & Régulation
2007-12-01
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| Series: | Revue de la Régulation |
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| Online Access: | https://journals.openedition.org/regulation/2152 |
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| author | Hiroyuki Uni |
| author_facet | Hiroyuki Uni |
| author_sort | Hiroyuki Uni |
| collection | DOAJ |
| description | Based on Kaldor’s concept of ‘cumulative causation’, the causes of the economic stagnation in Japan and the high economic growth in the United States in the 1990s are clarified. For this purpose, we formalize mathematically and descriptively two-way routes between labour productivity growth and demand growth; these routes are known as ‘demand regime’ and ‘productivity regime’. Next, we separately estimate these regimes in these two countries, for two periods: the 1980s and the 1990s. According to our estimation, a leftward shift of the demand regime led to the economic stagnation in Japan in the 1990s, and a rightward shift of the demand regime and an increase in the slope of the productivity regime led to the high economic growth in the United States. The causes of these shifts have been empirically clarified. |
| format | Article |
| id | doaj-art-b44e71fee1224b20a33cca4286759ab9 |
| institution | Kabale University |
| issn | 1957-7796 |
| language | English |
| publishDate | 2007-12-01 |
| publisher | Association Recherche & Régulation |
| record_format | Article |
| series | Revue de la Régulation |
| spelling | doaj-art-b44e71fee1224b20a33cca4286759ab92025-01-30T14:26:33ZengAssociation Recherche & RégulationRevue de la Régulation1957-77962007-12-01110.4000/regulation.2152Growth Regimes in Japan and the United States in the 1990sHiroyuki UniBased on Kaldor’s concept of ‘cumulative causation’, the causes of the economic stagnation in Japan and the high economic growth in the United States in the 1990s are clarified. For this purpose, we formalize mathematically and descriptively two-way routes between labour productivity growth and demand growth; these routes are known as ‘demand regime’ and ‘productivity regime’. Next, we separately estimate these regimes in these two countries, for two periods: the 1980s and the 1990s. According to our estimation, a leftward shift of the demand regime led to the economic stagnation in Japan in the 1990s, and a rightward shift of the demand regime and an increase in the slope of the productivity regime led to the high economic growth in the United States. The causes of these shifts have been empirically clarified.https://journals.openedition.org/regulation/2152demand regimeproductivity regimecumulative causationBaumol’s growth model |
| spellingShingle | Hiroyuki Uni Growth Regimes in Japan and the United States in the 1990s Revue de la Régulation demand regime productivity regime cumulative causation Baumol’s growth model |
| title | Growth Regimes in Japan and the United States in the 1990s |
| title_full | Growth Regimes in Japan and the United States in the 1990s |
| title_fullStr | Growth Regimes in Japan and the United States in the 1990s |
| title_full_unstemmed | Growth Regimes in Japan and the United States in the 1990s |
| title_short | Growth Regimes in Japan and the United States in the 1990s |
| title_sort | growth regimes in japan and the united states in the 1990s |
| topic | demand regime productivity regime cumulative causation Baumol’s growth model |
| url | https://journals.openedition.org/regulation/2152 |
| work_keys_str_mv | AT hiroyukiuni growthregimesinjapanandtheunitedstatesinthe1990s |