The Potential Growth Rate of the Japanese Economy

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Bibliographic Information

Other Title
  • 日本経済の潜在成長率
  • ニホン ケイザイ ノ センザイ セイチョウリツ

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Description

This paper reviews several estimates of the potential growth rate of Japan during 2000-2025. Most studies draw the same conclusion, that a declining labor force lowers the potential growth rate. We deemphasize the role of a declining labor force for growth, and instead propose a new approach to growth. Our approach emphasizes growth of demand. The economy grows whenever it succeeds in creating new goods or industries whose demand enjoys high growth of demand. The future of the Japanese economy rests on her ability to create such sectors, namely the strength of demand creating innovations.

Journal

  • 経済研究

    経済研究 50 (3), 228-237, 1999-07-15

    岩波書店

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