GARDNER ACKLEY

Japan's macroeconomic problem was not lack of demand - the bane of the 1930s in the United States and the persistent American fear in the early postwar period - but too much domestic demand, fueled not by consumption growth but by the extraordinary expansion of private business investment, the...

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Veröffentlicht in:	Proceedings of the American Philosophical Society 2009-03, Vol.153 (1), p.69
1. Verfasser:	Patrick, Hugh
Format:	Artikel
Sprache:	eng
Schlagworte:	Consumption function Economic models Economic theory Essays Exports Fixed exchange rates Industrial production Monetary policy Political economy Studies
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description	Japan's macroeconomic problem was not lack of demand - the bane of the 1930s in the United States and the persistent American fear in the early postwar period - but too much domestic demand, fueled not by consumption growth but by the extraordinary expansion of private business investment, the major engine of Japan's ongoing rapid growth in the mid- and late 1950s, and for two more decades. [...] exports were key, but not as a source of aggregate demand. [...] occasional balance of payments difficulties required macroeconomic tightening; cyclical slowdowns were a deliberate part of the macroeconomic growth policy process, not occasional events requiring contracyclical policy as it was perceived in the United States.
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source	Jstor Complete Legacy
subjects	Consumption function Economic models Economic theory Essays Exports Fixed exchange rates Industrial production Monetary policy Political economy Studies
title	GARDNER ACKLEY
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