The Japanese Economy

Tuesday, March 22, 2011

Greg Ip, of the Economist magazine, and David Weinstein, Associate Director of Research at the Center of Japanese Economy and Business, part of the Columbia Business School, look at what happens when the world’s third largest economy grinds to a halt.


Greg Ip and David Weinstein
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Comments [3]

Gerald in Tokyo from Urayasu, Japan

It's difficult to understand how the World Bank came up with a 200 billion loss to the Japanese economy. Beyond the devastation caused by the tsunami, the rest of Sendai withstood the violence of a 9.0 quake reasonably well. Most of the tsunami damage was to single family homes and other small dwellings, which are not so expensive to rebuild. By contrast, the Kobe quake destroyed expressways, subway tunnels, large department stores, major industrial facilities and an international port. Shinkansen traffic between West and East Japan was disrupted for months. True the loss of the nuclear plant and all the power it generated will be expensive, but overall the Sendai area is not as integral economically, nor has it suffered as much (costly-to-replace) damage.

Mar. 23 2011 12:22 AM
Nate Bowman

Mr. Lopate

You state that mr. Obama's stimulus plan did not work as if it is common wisdom, contrasting it to austerity measure that presumably do.

Many economists, including Nobel Prize winners, state that it DID work (relative to its size); they criticize it to the extent that it was too SMALL relative to it's intended result.

I have come to expect more than just the common wisdom of Main Stream Media from you.

Mar. 22 2011 12:43 PM
j from queens

has anyone ever bothered to figure out the true cost of oil/nuclear if the subsidies and tax breaks were discontinued [what some call "raising taxes"] and the environmental and public health sector/safety costs were factored in instead? [i.e., also not privatizing the profits, although mutual funds are sticky, i guess]

Mar. 22 2011 12:42 PM

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