An Application of Convergence Theory to Japan's Post-WWII Economic “Miracle”

Benigno Valdés

The Journal of Economic Education, 2003, vol. 34, issue 1, 61-81

Abstract: The author provides an interpretation of the post-World War II economic “miracle” of Japan as a process of economic convergence within the framework of the neoclassical Solow-Swan model of economic growth. He shows how the predictions of the Solow-Swan model are qualitatively consistent with the actual economic record of Japan in the decades following World War II. The article is intended to help in the teaching of economic growth and the Japanese economic miracle, either as part of a macroeconomics course or in an advanced elective course in economic growth and development or in Japan's modern economic history.

Date: 2003
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DOI: 10.1080/00220480309595202

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