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Learning From the Japanese Economic Miracle: What Factors
Lead to Economic Growth?
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Japan After World War II
• Most of Japan’s major cities were severely damaged.
• About 3 million Japanese died.
• Many industrial factories were severely damaged or destroyed.
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Japan’s Miracle Economic
• Post WWII, Japan soon became an economic power.
• No nation, up until the time, had seen their income and production rise faster than Japan between 1950-1975.
• Why? • What leads to
Economic Growth?
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Note the Economic Growth in Japan from 1950 – 1975.
Japan
United States
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Factors that Lead to Economic Growth and increased productivity
1. Investment in capital goods, research and technology.
2. Investment in human capital: education and skills.
3. Saving and investment4. Public policy: free trade and competition
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INVESTMENT IN CAPITAL GOODS: RESEARCH AND TECHNOLOGY
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TECHNOLOGICAL PROGRESS
Shinkansen: High Speed Rail Line: 186 mph
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Investment in Human Capital: Education
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The Japanese are among the world’s best educated population.
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Public Policy: Promoting competition, property rights, and free trade.
Toyota Honda
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Japan Today
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BIBLIOGRAPHY
Murphey, Rhoads. East Asia: A New History (4th Edition). New York: Longman, 2006.
Mankiw, Greg. Principles of Economics. (4th Edition) USA: Thompson South-Western, 2007.