By Charles R. Hulten
Rising from the ruins of the second one global warfare, the japanese financial system has grown at double-digit cost all through a lot of the Nineteen Fifties and Nineteen Sixties, and, whilst the oil hindrance of the Seventies slowed development in the course of the industrialized global, jap progress in the course of the industrialized global, jap development charges remained fairly powerful. there were many makes an attempt through students from quite a lot of disciplines to give an explanation for this notable heritage, yet for economists drawn to the quantitative research of financial progress and the vital query addressed is how Japan was once capable of develop so rapidly.The members concentration their efforts at the exact dimension and comparability of eastern and U.S. fiscal development. Assuming that any sustained raise in genuine GNP needs to be due both to a rise within the volume of capital and hard work utilized in creation or to the extra effective use of those inputs, the authors learn the person contributions of varied components and their significance within the technique of output growth.These essays expand the method of progress research and provide many insights into the standards resulting in some of the best functionality of the japanese financial system. They show that development is a posh strategy and no unmarried issue can clarify the japanese 'miracle.'
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Additional resources for Productivity Growth in Japan and the United States (National Bureau of Economic Research Studies in Income and Wealth)
Example text
The higher growth rates of input prices in the United States since 1980-including capital, labor, energy, and other intermediate inputs-have resulted in a substantial deterioration of international competitiveness of U. S. industries relative to their Japanese counterparts. 3 Relative Productivity Levels In this section we estimate relative levels of productivity in Japan and the United States for each of the 29 industries included in our study. Jorgenson, Kuroda, and Nishimizu (1987) have reported relative productivity levels for the two countries for the period 1960-79.
Although attitude and effort are not necessarily the same thing, differences in attitude may serve as a proxy for differences in the intensity of work effort and commitment to product quality. With this in mind, Lam et al. collected data on strikes, labor disputes, and quit rates in both countries, with the rationale that labor unrest is related to worker attitude. These variables are added to a conventional translog cost function analysis of the manufacturing sectors of both countries. The authors find that strikes and grievances have a larger impact on costs in the United States than in Japan.
Prices. 66754 Nore: Col. 1 is the observed exchange rate (yerddollar); col 2 is the Japanese price index transformed by the purchasing power parity (PPP) index; col3 is the Japanese PPP-based price index denominated by exchange rate; col. correspondingprice index. continued at high rates. S. S. dollar relative to the Japanese yen. S. S. counterparts. S. level by 1970. S. level by almost 11% in 1978. S. dollar reversed this trend. S. level, which is below 38 Dale W. 46379 (1) Note: Col. 1 is the observed exchange rate (yeddollar); col 2 is the Japanese price index transformed by the purchasing power parity (PPP) index; col3 is the Japanese PPP-based price index denominated by exchange rate; col.