Two decades of economic stagnation or sluggish growth and declining prices. Not spending enough to stimulate the economy.
Japan as failure reflects the view of mindless pro-growth economists that fails to compare Japan to other nations. Japan, in fact, is successful economically, socially, and environmentally:
- Sustainable steady state or slow growth economy high standard of living;
- 5 percent or less unemployment, far less than the US
- Low income inequality; broadly shared prosperity
- Needs are being met; trickle down has already trickled down
- Not living off credit
- Manageable speculative bubbles and government debt
- Strong industrial base, strong exports; positive balance of trade and payments
- One of the world's leading exporters
- Health care for all of its people, efficient health care
- Highest life expectancy
- Low rates of infant mortality
- At the top in literacy
- Low rates of crime, incarceration, homicides, mental illness and drug abuse
- Low rate of carbon emissions, doing its part to reduce global warming.
Abstracted from Steve Hill's Reconsidering Japan and reconsidering Paul Krugman, truth-out.org, December 11th, 2010.