Dr. Osamu Shimomura's Legacy and the Postwar Japanese Economy

Ebook Details

Authors Kozo Horiuchi, Masayuki Otaki
Year 2017
Pages 113
Publisher Springer
Language en
ISBN 9789811057618
File Size 1.42 MB
File Format PDF
Download Counter 11
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Ebook Description

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.