The Myth of Japan's Lost Decade- (The Atlantic)

[JAllen]

This is an interesting article:

 

http://www.theatlantic.com/international/archive/2011/02/the-myth-of-japans-lost-decades/71741/

[ERICOPOLY]

That is interesting, thanks.

 

It's funny because I've been looking at the 5% unemployment rate all throughout their lost decades and thinking... why can't we get ourselves some of that misery?

 

[capitalistcollective]

It's the undeserved emphasis that observers give the GDP statistic that cause people to make wildly wrong characterizations:

 

Witness this awesomely absurd quote on how easy it is to mess with GDP:

 

“When it comes to the economy, it’s all about how much you spend,” said Mitsubishi UFJ’s Ishigane. “Even if you build a pyramid, destroy it and rebuild it, you can increase GDP.”

 

http://www.bloomberg.com/news/2011-03-17/japan-s-government-bonds-may-fall-paring-weekly-gain-as-yen-halts-rally.html

[tyska]

It's the undeserved emphasis that observers give the GDP statistic that cause people to make wildly wrong characterizations:

 

Witness this awesomely absurd quote on how easy it is to mess with GDP:

 

“When it comes to the economy, it’s all about how much you spend,” said Mitsubishi UFJ’s Ishigane. “Even if you build a pyramid, destroy it and rebuild it, you can increase GDP.”

 

http://www.bloomberg.com/news/2011-03-17/japan-s-government-bonds-may-fall-paring-weekly-gain-as-yen-halts-rally.html

 

Exactly, here is how you increase GDP.

 

http://www.sbs.com.au/dateline/story/watch/id/601007/n/China-s-Ghost-Cities