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Revitalizing the Japanese Economy by Socializing Risk

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  • Charles Horioka
  • Reiko Kanda

Abstract

The almost continuous stagnation of the Japanese economy for the past two decades has had an adverse impact on Japanese households from at least three perspectives: a decline in the standard of living; an increase in risks and uncertainties relating to livelihood, employment, old age, and so forth; and an increase in income inequality. The majority of economists and policymakers focus their attention on the increase in income inequality. The research discussed here, however, focuses on the increase in risk and uncertainty among households and individuals. Based on this research, we propose a shift to a policy regime centering on the socialization of risk, which will make possible a transition from a society in which individuals bear excessive risks to one in which risk is shared equitably by society as a whole.

Suggested Citation

  • Charles Horioka & Reiko Kanda, 2010. "Revitalizing the Japanese Economy by Socializing Risk," The Japanese Political Economy, Taylor & Francis Journals, vol. 37(3), pages 3-36.
    • Handle: RePEc:mes:jpneco:v:37:y:2010:i:3:p:3-36
    DOI: 10.2753/JES1097-203X370300
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    Cited by:

    1. Charles Yuji Horioka, 2021. "Is the selfish life-cycle model more applicable in Japan and, if so, why? A literature survey," Review of Economics of the Household, Springer, vol. 19(1), pages 157-187, March.
    2. Sarracino, Francesco & O'Connor, Kelsey J. & Ono, Hiroshi, 2019. "Making economic growth and well-being compatible: evidence from Japan," MPRA Paper 93010, University Library of Munich, Germany.
    3. Francesco Sarracino & Kelsey J. O’Connor, 2021. "Economic growth and well-being beyond the Easterlin paradox," Chapters, in: Luigino Bruni & Alessandra Smerilli & Dalila De Rosa (ed.), A Modern Guide to the Economics of Happiness, chapter 9, pages 162-188, Edward Elgar Publishing.

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