tag:blogger.com,1999:blog-6297413898275266606.post3386035766047428603..comments2024-03-27T18:15:59.096+08:00Comments on Economics Malaysia: Japan’s Lost Decades? Not Quitehishamhhttp://www.blogger.com/profile/06265308095732759923noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-6297413898275266606.post-56901822597436977582012-10-19T15:21:38.039+08:002012-10-19T15:21:38.039+08:00Jason, does it matter if the whole economy is prod...Jason, does it matter if the whole economy is producing less in real terms if there are less people to consume that output? Remember that the national accounts are an identity - output=income=consumption+investment.<br /><br />I'm not arguing against your point on freeing up immigration, mind you...it's a good one.hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-56078354171196691692012-10-19T14:26:52.933+08:002012-10-19T14:26:52.933+08:00Well, I still think the headline GDP still matters...Well, I still think the headline GDP still matters.<br /><br />Although each individual in your economy has access to more resources (GDP per cap), but the economy as a whole will continue to produce less in real terms. <br /><br />I'm just saying that you can do the whole world a service (if we can equate utility to production) by opening up immigration and let cross-border wage adjustments Jasonhttps://www.blogger.com/profile/03517459200735545587noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-19295297546031301692012-10-19T11:52:28.570+08:002012-10-19T11:52:28.570+08:00Zuo De,
See my reply to Jason, as that's rele...Zuo De,<br /><br />See my reply to Jason, as that's relevant to your suggestion too.<br /><br />If you look at the actual pace of R&D spending and innovation in Japan, it's actually pretty good. The main drawback to growth is that when you look at the three inputs to growth (TFP aka technology, capital, and labour), much of the growth shortfall is coming from a decline in labour hishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-44697586576768095312012-10-19T11:44:19.701+08:002012-10-19T11:44:19.701+08:00Jason,
I think my point of view is this - if the ...Jason,<br /><br />I think my point of view is this - if the welfare per person (aka GDP per capita) is continuing to increase, why obsess over the headline growth rate even if its zero or negative? It's not really relevant.<br /><br />In that context, I don't see the demographic situation as a "problem" to "solve".<br /><br />And if that viewpoint is correct, then bothhishamhhttps://www.blogger.com/profile/06265308095732759923noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-72975836180810370952012-10-18T13:43:58.235+08:002012-10-18T13:43:58.235+08:00Sorry forgot to add my name - Zuo DeSorry forgot to add my name - Zuo DeAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-5119316360386952582012-10-18T13:42:32.343+08:002012-10-18T13:42:32.343+08:00I think the example of US and Singapore by allowin...I think the example of US and Singapore by allowing imports of talent is the way forward. Relying on one own talent pool will eventually hit the wall. So there must be cross fertilization as shown in many everyday examples - cross breeding of horses to run faster, rice to yield more, etc etcAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-40084070321926736962012-10-18T12:02:53.203+08:002012-10-18T12:02:53.203+08:00Alright got a few minutes to catch my breath,
Pre...Alright got a few minutes to catch my breath,<br /><br />Pre-2008/9 crisis, I thought Japan was a serious basket case for developed economies.<br /><br />1) Huge debt pile <br />2) Persistent growth-slowing deflation<br />3) Probably the worst demographic stats in the world<br /><br />I have been giving it some thought for awhile...<br />While it's true that they have QE'd since the startJasonhttps://www.blogger.com/profile/03517459200735545587noreply@blogger.comtag:blogger.com,1999:blog-6297413898275266606.post-68425843823658161522012-10-17T16:44:50.503+08:002012-10-17T16:44:50.503+08:00I've really got much to say about this topic (...I've really got much to say about this topic (coz you know, it's a refreshing change from all this fiscal-talk), but swamped at work at the moment.<br /><br />Will post something when I can.Jasonhttps://www.blogger.com/profile/03517459200735545587noreply@blogger.com