17 Oct 10
An article in Friday's Journal (can't find it online) speculated as to whether Japan's 2 decade economic malaise caused by enormous real estate and credit bubbled in the late 80s is the harbinger for the west at this point.
Of course, most of the article quoted optimists stretching to find inherent differences between Japan and the US, etc. But, frankly, they were not all that convincing.
So, are we doomed to decades of economic stagnation, deflation and near zero interest rates or are we really different?
17 Oct 10
Originally posted by sh76Japan has a much more egalitarian society than we do. Their UN Gini coefficient of 24.9 is just behind Denmark (24.7). The US, by contrast, is at a disgraceful 40.8.
An article in Friday's Journal (can't find it online) speculated as to whether Japan's 2 decade economic malaise caused by enormous real estate and credit bubbled in the late 80s is the harbinger for the west at this point.
Of course, most of the article quoted optimists stretching to find inherent differences between Japan and the US, etc. But, frankly, the ...[text shortened]... es of economic stagnation, deflation and near zero interest rates or are we really different?
17 Oct 10
Originally posted by sh76Maybe not be the same, but similar theme:
An article in Friday's Journal (can't find it online) speculated as to whether Japan's 2 decade economic malaise caused by enormous real estate and credit bubbled in the late 80s is the harbinger for the west at this point.
Of course, most of the article quoted optimists stretching to find inherent differences between Japan and the US, etc. But, frankly, the ...[text shortened]... es of economic stagnation, deflation and near zero interest rates or are we really different?
http://www.nytimes.com/2010/10/17/world/asia/17japan.html
"Few nations in recent history have seen such a striking reversal of economic fortune as Japan. The original Asian success story, Japan rode one of the great speculative stock and property bubbles of all time in the 1980s to become the first Asian country to challenge the long dominance of the West.
But the bubbles popped in the late 1980s and early 1990s, and Japan fell into a slow but relentless decline that neither enormous budget deficits nor a flood of easy money has reversed."
"Japanese leaders at first denied the severity of their nation’s problems and then spent heavily on job-creating public works projects that only postponed painful but necessary structural changes, economists say."
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Deficit spending and public works. Sound familiar? Have you heard anyone recently proposing that the US take identical steps as a cure for our recession brought on by a property bubble? Krugman, say? Or Thomas Friedman?
17 Oct 10
Some major differences between Japan and the US:
- Japan is even less democratic and is ruled by the same elite for 50 years or so.
- Japan has a much larger government debt.
- The Nikkei bubble was much larger than the real estate bubble of the late 2000s.
- A huge lack of emancipation of women in Japanese society hides rampant hidden unemployment.
On the positive side, however, Japan has a better distribution of income and a more efficient health care system.
17 Oct 10
Originally posted by sh76So long as the progressives remain in power. 😛
An article in Friday's Journal (can't find it online) speculated as to whether Japan's 2 decade economic malaise caused by enormous real estate and credit bubbled in the late 80s is the harbinger for the west at this point.
Of course, most of the article quoted optimists stretching to find inherent differences between Japan and the US, etc. But, frankly, the ...[text shortened]... es of economic stagnation, deflation and near zero interest rates or are we really different?
17 Oct 10
Originally posted by KazetNagorrawe have rampant hidden unemployment, too.
Some major differences between Japan and the US:
- Japan is even less democratic and is ruled by the same elite for 50 years or so.
- Japan has a much larger government debt.
- The Nikkei bubble was much larger than the real estate bubble of the late 2000s.
- A huge lack of emancipation of women in Japanese society hides rampant hidden unemploymen ...[text shortened]... ide, however, Japan has a better distribution of income and a more efficient health care system.
17 Oct 10
Originally posted by KazetNagorraIf American women are so emancipated, why doesn't my wife want to work? ðŸ˜
To an extent, but American women are more emancipated and participate more in the labour market (though obviously not as much as in Nordic countries). This is a big deal for a modern economy.
17 Oct 10
Originally posted by KazetNagorraactual female employment or stated (by govt) female employment, in Nordic countries?
To an extent, but American women are more emancipated and participate more in the labour market (though obviously not as much as in Nordic countries). This is a big deal for a modern economy.
who raises the kids?