Washington Post (November 15)
Columnist Robert J. Samuelson summarizes current thought on Japan. “It’s hard to remember now that in the 1980s Japan had the world’s most–admired economy….Nowadays, all we hear are warnings not to repeat Japan’s mistakes.” Samuelson, however, draws a different lesson from Japan. Many preach the importance (or sometimes danger) of government stimulus. Others point to the dangers of deflation. The key lesson Samuelson draws from Japan is the importance of job creation. “There is no substitute for vigorous private-sector job creation and investment, and that’s been missing in Japan.”
Columnist Robert J. Samuelson summarizes current thought on Japan. “It’s hard to remember now that in the 1980s Japan had the world’s most–admired economy….Nowadays, all we hear are warnings not to repeat Japan’s mistakes.” Samuelson, however, draws a different lesson from Japan. Many preach the importance (or sometimes danger) of government stimulus. Others point to the dangers of deflation. The key lesson Samuelson draws from Japan is the importance of job creation. “There is no substitute for vigorous private-sector job creation and investment, and that’s been missing in Japan.”
Tags: Deficit spending, Deflation, Japan, Job creation, Lost decade, Stimulus
