Dr. Osamu Shimomura's Legacy and the Postwar Japanese Economy
Shimomura’s theory is not merely one of the pioneer works in macroeconomics, but also suits the economic conditions of Japan. Shimomura extends the principle of effective demand, which means that his theory includes effects of capital accumulation to production capacity. While one may argue that Harrod (1939) and Domar (1946) have already achieved that, Shimomura’s theory centers policy recommendations for sustaining the high economic growth against the productivity growth that would cause excess supply in the market.
Succinctly, Shimomura is a Keynesian who believes the vigor in its private sector but recognizes that Japanese economy urgently needs the government’s auxiliary macroeconomic policies. This book emphasizes that the rapid Japanese growth owes mainly to affluent entrepreneurship filled in the economy not to the sheer government’s planning. Dr. Shimomura’s theory endorses our assertion.
1 Introduction.- Part I Vision, Theory, and Policy: High Growth and Zero Growth.- 2 Postwar Reconstruction.- 3 Vision of High Growth and Performance in 1960s.- 4 Vision of Zero Growth and Performance After the Oil Crisis.- PART II Implications of Zero Growth Vision:Lost Decades, Sustainability, and Corporate Management.- 5 Current Era of Zero Growth.- 6 Sustainability and Corporate Management.- 7 Conclusion.- Index.