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Unchanging Innovation and Changing Economic Performance in Japan

  • Adam S. Posen


    (Institute for International Economics)

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.

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Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP01-5.

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Date of creation: May 2001
Date of revision:
Handle: RePEc:iie:wpaper:wp01-5
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  1. Yoshikawa, Hiroshi, 2000. "Technical Progress and the Growth of the Japanese Economy--Past and Future," Oxford Review of Economic Policy, Oxford University Press, vol. 16(2), pages 34-45, Summer.
  2. Adam S. Posen, 1998. "Restoring Japan's Economic Growth," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 35.
  3. Stephen D. Oliner & Daniel E. Sichel, 1994. "Computers and Output Growth Revisited: How Big Is the Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(2), pages 273-334.
  4. Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc.
  5. Takeo Hoshi & Anil K. Kashyap & David Scharfstein, 1989. "Bank monitoring and investment: evidence from the changing structure of Japanese corporate banking relations," Finance and Economics Discussion Series 86, Board of Governors of the Federal Reserve System (U.S.).
  6. Fransman, Martin, 1999. "Visions of Innovation: The Firm and Japan," OUP Catalogue, Oxford University Press, number 9780198289357.
  7. Robert Z. Lawrence & David E. Weinstein, 1999. "Trade and Growth: Import-Led or Export-Led? Evidence From Japan and Korea," NBER Working Papers 7264, National Bureau of Economic Research, Inc.
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