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Unchanging Innovation and Changing Economic Performance in Japan

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  • Adam S. Posen

    (Peterson Institute for International Economics)

Abstract

The Toyota Commemorative Museum of Industry and Technology gives its visitors much to ponder. Established at the site in Nagoya where in 1911 Sakichi Toyoda founded his automatic loom factory (the basis of the family fortune, which later funded his son Kiichiro’s development of automobile production), the museum was opened on June 11, 1994, the 100th anniversary of Toyoda’s birth. It is a popular stop on field trips for Japanese schoolchildren, who are required to study in the 3rd grade the automobile industry. The messages, which Toyota wishes to instill in its young visitors, are the importance of “making things” and of “creativity and research.” And confronting all museum visitors upon entry, having central place in the vast and largely empty first room of the exhibits, is Sakichi Toyoda’s one-of-a-kind vertical circular loom.

Suggested Citation

  • Adam S. Posen, 2001. "Unchanging Innovation and Changing Economic Performance in Japan," Working Paper Series WP01-5, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp01-5
    as

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    References listed on IDEAS

    as
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    8. Adam S. Posen, 1998. "Restoring Japan's Economic Growth," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 35, April.
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    Cited by:

    1. Lee G. Branstetter & Yoshiaki Nakamura, 2003. "Is Japan's Innovative Capacity in Decline?," NBER Chapters, in: Structural Impediments to Growth in Japan, pages 191-224, National Bureau of Economic Research, Inc.
    2. Takatoshi Ito & Kimie Harada, 2003. "Market Evaluations of Banking Fragility in Japan: Japan Premium, Stock Prices, and Credit Derivatives," NBER Working Papers 9589, National Bureau of Economic Research, Inc.

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