How The Economy Of Japan Could Predict The Next Decade | Economics Explained

Comments · 2.3K

• EC

  @EconomicsExplained · 4 years ago · pinned

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• KU

  @kunstderfugue · 4 years ago

  Considering Japan&apos;s culture of obsession with consistency and etiquette, it makes sense to me that they rank high in stability and confidence and also low in growth. It&apos;s like the economy reflects the society.

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• FA

  @fallout560 · 4 years ago

  I think the difference between comparing the fear of Japan&apos;s 1980s economy overtaking the US and the fear of China&apos;s economy taking over the US today is that even if China overtakes the US&apos;s economy, it would only imply the Chinese worker is 1/4 as productive as the average American, while in the 80s, if Japan overtook the US&apos;s economy, it would imply the Japanese are twice as productive as the average American

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• JJ

  @JJLiew · 4 years ago

  Japan&apos;s old-fashioned workplace culture is holding them back. Young people are encouraged to dedicate their lives to big corpos rather than engaging in startups. Working corporate also usually has poor life-work balance; I was at a career seminar in Osaka and their presentations even had detailed sections about how you&apos;ll be working overtime, which I think would be ridiculous in Western countries.

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• AN

  @andrewmitchell7998 · 4 years ago

  I used to live in Japan and saw the end of the boom and the start of the flat lining economy. &nbsp;Even after the economy stopped growing, the crane count on the skyline was staggering. &nbsp;In a regional city, I could see something like 150 large building projects. &nbsp;Stagnation at a high level of consumption is not the same as stagnation at a low level of economic activity.

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• EZ

  @ezforsaken · 4 years ago

  Japan -&gt; whatever you do inflation remains the same.<br>Argentina -&gt; whatever you do inflation skyrockets.

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• KE

  @kek209 · 4 years ago

  Even without continuous growth, Japan has remained among one the most developed countries in the world with the highest living standard.

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• KA

  @karisvenner3892 · 4 years ago

  IIRC one of the reasons that&apos;s often brought up about the Yen&apos;s stability is just how massively the Japanese have invested everywhere else in the world, making their currency much less reliant on the performance of the Japanese economy itself.

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• BE

  @beancrunchergames · 4 years ago

  I feel that economic analysis should include more psychology. I feel the brief comment that Japanese people are less likely to ask for a raise is just the tip of the ice berg. We should be analyzing the psychological affects of people&apos;s cultural beliefs and attitudes towards economic activities as a key to understanding different economies.

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• 66

  @66newsnetwork · 4 years ago

  Japan has basically broken the assumptions of several laws of economics. That is why we need an entirely new &apos;Japanomics&apos; to study japan.<br>For example, their labour laws state that companies cannot fire workers at will, and workers won&apos;t think of leaving even for low wages because of their culture, so factors of production are really immobile in Japan.<br>Also, the Japanese notion of loyalty is really strange, consumers feel it is their duty to keep purchasing from a company even if they raise their prices because they wanna stay loyal to one particular brand.

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• KE

  @kevinw2592 · 4 years ago

  If the workforce is shrinking, and national GDP is fairly constant, doesn&apos;t that mean you&apos;re still getting growth per worker? The economy is doing better, just in relative terms, not absolute.

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• GO

  @gothakane · 4 years ago

  I&apos;m Irish living in Japan for years now getting paid half of what i did back home. But the cost of living is WAY less here, i can actually save money! And i feel the economy is good even though it&apos;s not growing.

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