Advertisement
Published in:
2015 | OriginalPaper | Chapter
Economics Takes Command
Activate our intelligent search to find suitable subject content or patents.
Select sections of text to find matching patents with Artificial Intelligence. powered by
Select sections of text to find additional relevant content using AI-assisted search. powered by
The Japanese economy has been in a slump since the 1990s. The growth rate of GDP in real terms has dropped from 4.6 percent in the 1980s to 1.2 percent in the 1990s to 0.6 percent in the first ten years of the twenty-first century. This decline is termed the Great Recession because the growth rate, while low, is not negative on average and so cannot be called a depression. What were the causes? One is that politics did not effectively respond to the symptoms. In the 1990s, Japanese politicians continued administering the same old medicine, that is, expansion of public works spending. The medicine, however, was not effective.