Economic Miracles and Mirages

Jon Woronoff

Chapter 2 in The Japanese Economic Crisis, 1996, pp 23-43 from Palgrave Macmillan

Abstract: Abstract Much of Japan’s reputation as an economic “miracle” is based on its growth rate, once exceptionally—almost miraculously— high, now just quite ordinary. Thus, to understand why this reputation is no longer valid, it is helpful to take a big step back in time, to the late 1960s, when it was “discovered” by Herman Kahn. One of the first Japan-boosters, he was so sure of Japan’s ability to grow at uncommonly fast rates that he went on record: “It seems to me at least as likely as not that by 1975 the Japanese—and most of the outside world—will be expecting Japan to enjoy another twenty-five years of much the same growth rates. Or even if by 1975 the Japanese—or others— no longer expect Japan to match the greater than 10 percent per annum growth rates of the 1950–75 time period, they almost certainly will expect close to 10 percent and substantially more than the ‘usual’ 5 percent or so…”1

Keywords: Wall Street Journal; Advanced Country; Trade Barrier; Japanese Economy; Speculative Bubble (search for similar items in EconPapers)
Date: 1996
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37568-0_2

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230375680

DOI: 10.1057/9780230375680_2

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().