Learning From the Japanese Economic Miracle: What Factors

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Presentation transcript:

Learning From the Japanese Economic Miracle: What Factors Lead to Economic Growth?

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.

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?

Note the Economic Growth in Japan from 1950 – 1975. United States Japan

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Factors that Lead to Economic Growth and increased productivity Investment in capital goods, research and technology. Investment in human capital: education and skills. Saving and investment Public policy: free trade and competition

INVESTMENT IN CAPITAL GOODS: RESEARCH AND TECHNOLOGY

TECHNOLOGICAL PROGRESS Shinkansen: High Speed Rail Line: 186 mph

Investment in Human Capital: Education

The Japanese are among the world’s best educated population.

Public Policy: Promoting competition, property rights, and free trade. Toyota Honda

Japan Today

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.