Utmost Fear Hypothesis Explores Green Technology Driven Energy for Sustainable Growth

Japan has constructed a sophisticated co-evolutionary dynamism between innovation and institutional systems by transforming external crises into a springboard for new innovation. This can largely be attributed to the unique features of the nation such as having a strong motivation to overcoming fear based on xenophobia and uncertainty avoidance as well as abundant curiosity, assimilation proficiency, and thoroughness in learning and absorption. Such explicit dynamism was typically demonstrated by technology substitution for energy in the 1970s leading Japan to achieve a high-technology miracle in the 1980s. While this dynamism shifted to the opposite direction in the 1990s due to a system conflict with the rise of the information society, recent increase in oil prices has signaled the possibility of a paradigm shift to a post-oil society. In addition, a post excessive consumption society as a consequence of global economic stagnation has been inducing “new normal” customers supra-functionality beyond economic value. These trends inevitably lead a way to exploring high efficient photovoltaic solar cell (PV) system incorporating supra functionality beyond economic value as it is a sophisticated renewable energy generation system by converting solar radiation into direct current electricity using semiconductors and transforming customers into producers of eco-friendly energy. Japan’s March 11 catastrophe accelerates this trajectory. By means of an empirical analysis utilizing optimal trajectory analysis and taking Japan’s PV development as technology driven energy to which Japan maintains institutional advantage, the foregoing hypothetical views are demonstrated thereby new entrepreneurial strategy toward exploring high efficient PV system incorporating supra-functionality beyond economic value is suggested.