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An Application of Convergence Theory to Japan's Post-WWII Economic “Miracle”

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  • Benigno Valdés

Abstract

The author provides an interpretation of the post-World War II economic “miracle” of Japan as a process of economic convergence within the framework of the neoclassical Solow-Swan model of economic growth. He shows how the predictions of the Solow-Swan model are qualitatively consistent with the actual economic record of Japan in the decades following World War II. The article is intended to help in the teaching of economic growth and the Japanese economic miracle, either as part of a macroeconomics course or in an advanced elective course in economic growth and development or in Japan's modern economic history.

Suggested Citation

  • Benigno Valdés, 2003. "An Application of Convergence Theory to Japan's Post-WWII Economic “Miracle”," The Journal of Economic Education, Taylor & Francis Journals, vol. 34(1), pages 61-81, January.
    • Handle: RePEc:taf:jeduce:v:34:y:2003:i:1:p:61-81
    DOI: 10.1080/00220480309595202
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    References listed on IDEAS

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    1. Fumio Hayashi, 1986. "Why Is Japan's Saving Rate So Apparently High?," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 147-234, National Bureau of Economic Research, Inc.
    2. Robert J. Barro, 1998. "Determinants of Economic Growth: A Cross-Country Empirical Study," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522543, December.
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