On Mon, Sep 22, 2014 at 9:23 AM, Marv Gandall <[email protected]> wrote:
> Shinzo Abe’s Japan is the most recent and ambitious experiment in > Keynesian pump-priming to reflate a stagnant economy. It’s been watched > with keen anticipation by politicians, bankers, and policymakers in Europe > and elsewhere frustrated by the failure of austerity to restore growth in > their own economies to pre-recession levels. > > But now hope for a Japanese recovery is turning to disappointment, as its > economy once again begins to contract. While prices have risen and > unemployment has dropped, consumer spending and the domestic economy > continue to languish. > A couple of questions: - Is this really Keynesian or some kind of neo-monetarist policy? - If prices have risen and unemployment dropped, why is this policy considered a failure?? Also, who is it considered a failure by? Aren't we falling into the neoclassical trap where GDP growth is the only metric of successful economic policy? -raghu.
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