Re: Re: Japan's Debt

Yoshie writes:>>>You are right with regard to the Great Depression in the 30s, but today's Japan does not have "extreme unemployment," which has been one of the reasons why we haven't seen working-class revolts yet. Hardships have mainly hit new women college graduates, salarymen nearing the r

Re: Re: Japan's Debt

> > (B) Nobuhito Kishi, "Lies, Damned Lies: The Real Story of > Unemployment in Japan," at > , a link to > Sogo Kenkyu Kaihatsu Kiko [National Institute for Research > Advancement].

Re: Re: Japan's Debt

At 06:30 PM 12/14/00 -0500, you wrote: >Hi Jim D.: > >>Yoshie quotes Jan Kregel saying>Clearly, in present conditions it is not >>the lack of a credible inflation policy [as he dubs Krugman's cure], but >>a credible interest rate policy that is creating difficulty. As Keynes >>notes in relation

Re: Re: Re: Japan's Debt

Thanks, Dennis. Can you provide some references? Peter Dennis Robert Redmond wrote: > On Tue, 12 Dec 2000, Peter Dorman wrote: > > > investment. The structural question is whether the elimination of > > these unproductive investments, and the resulting financial drag, can > > be accomplished

Re: Re: RE: Re: Japan's Debt

At 04:29 AM 12/14/00 +1000, you wrote: >Fantastically cool, Matt! Only a jack of all trades can really aspire to be >master of one! or jill of all trades, in Yoshie's case. Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine

Re: RE: Re: Japan's Debt

>By the way, is it cool that Yoshie is evaluating Levy working papers and I am >discussing Japanese novels, or is this scary?! Fantastically cool, Matt! Only a jack of all trades can really aspire to be master of one! Especially when the one in question is political economy, eh? I realise it'

RE: RE: Re: Re: Japan's Debt

Yoshie- I would say Miyabe's book gives a very different view of consumer credit in Japan than what you put forward. It does argue that there are a group of people who do not go for credit cards, but this is not due to their unavailability, etc. I will try to type a few paragraphs in later. Some h

Re: RE: Re: Re: Japan's Debt

At 10:42 AM 12/13/00 -0600, you wrote: >Jim- Are you an advocate of IS-LM?? No, but ISLM provides a good language for the _start_ of a discussion, since almost every macroeconomist knows it. For example, Paul Davidson, a well-known anti-ISLMicist, uses IS-LM in his paper on the finance demand

RE: Re: Re: Japan's Debt

Jim- Are you an advocate of IS-LM?? >Is this analysis totally wrong?

RE: Re: Japan's Debt

Actually I disagree with Jim's assessment, and think Yoshie is right. I don't think Jan is just concerned with what Keynes "really" meant or said, but with whether Krugman's analysis is useful for effective policy. By the way, there are some other useful papers on the subject at Levy. Marc Andre

Re: Re: Japan's Debt

Yoshie quotes Jan Kregel saying>Clearly, in present conditions it is not the lack of a credible inflation policy [as he dubs Krugman's cure], but a credible interest rate policy that is creating difficulty. As Keynes notes in relation to Fisher's recommendations of inflating out of the Great D

Re: Re: Japan's Debt

On Tue, 12 Dec 2000, Peter Dorman wrote: > investment. The structural question is whether the elimination of > these unproductive investments, and the resulting financial drag, can > be accomplished within the political-economic framework of Japanese > capitalism. So far, Japan has not found a

Re: Re: Re: Re: Japan's Debt

12 Dec 2000 14:16:35 -0800 > From: Jim Devine <[EMAIL PROTECTED]> > Reply-To: [EMAIL PROTECTED] > To: [EMAIL PROTECTED] > Subject: [PEN-L:6083] Re: Re: Re: Japan's Debt > > At 01:45 PM 12/12/00 -0800, you wrote: > >One consideration regarding Japan is that, so f

Re: Re: Re: Japan's Debt

Well, this refers to the fiscal deficit, which is not such a big problem (compared to the financial fragility problem). Also, according to Bill Tabb's book on Japan (and other sources I've seen), "infrastructural" spending in Japan comes pretty close to Keynes' admonition to dig holes and fill th

Re: Re: Re: Japan's Debt

At 01:45 PM 12/12/00 -0800, you wrote: >One consideration regarding Japan is that, so far as I understand, Japan's >deficit >has been used for massive public works spending, which could mean greater >productivity in the future. on the other hand, I've heard that they've actually encountered dimi

Re: Re: Japan's Debt

One consideration regarding Japan is that, so far as I understand, Japan's deficit has been used for massive public works spending, which could mean greater productivity in the future. Peter Dorman wrote: > I'm not an expert on Japan either, but I think Jim's analysis of Japanese > financial fra

Re: RE: Japan's Debt

At 11:20 AM 12/12/00 -0600, you wrote: >"Krugman on the Liquidity Trap: Why Inflation Won't Bring Recovery In Japan," >Jerome Levy Economics Institute, Working Paper No. 298, March 2000 >Jan. A. Kregel > >Abstract > >Paul Krugman has argued that Japan is in a liquidity trap and that it can >recove