Changes in the Sources of Modern Economic Growth: Japan Compared with the United States |
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| Institution: | 2. Japan Energy Research Institute, Toranomon 4-3-13, Minato-ku, Tokyo, 102, Japan;1. Institute of Policy and Management, Chinese Academy of Sciences, Beijing 100190, PR China;2. Institute for Education and Information Sciences, IBW, University of Antwerp (UA), Antwerp B-2000, Belgium;3. KU Leuven, Department of Mathematics, Leuven B-3000, Belgium;4. National Science Library, Chinese Academy of Sciences, Beijing 100190, PR China;5. Kent Business School, University of Kent, Canterbury CT2 7PE, UK;1. School of Food and Advanced Technology, Massey University, New Zealand;2. The New Zealand Institute for Plant and Food Research Limited, New Zealand;1. Korea Institute of Energy Research, 152, Gajeong-ro, Yuseong-gu, Daejeon, Republic of Korea;2. Department of Industrial and Management Engineering, Pohang University of Science and Technology, Gyeongsangbuk-do, Republic of Korea;1. School of Management and Economics, Beijing Institute of Technology, 100081 Beijing, China;2. Centre for Energy & Environmental Policy Research, Beijing Institute of Technology, 100081 Beijing, China;3. Collaborative Innovation Centre of Electric Vehicles in Beijing, 100081 Beijing, China;4. Visitor of Foisie School of Business, Worcester Polytechnic Institute, 01609, Worcester, United States;5. Sustainable Development Research Institute for Economy and Society of Beijing, Beijing 100081, China;1. Mechanical Engineering Department, Laboratory of Integrated Production Technologies, University of Quebec, École de Technologie Supérieure, 1100, Notre Dame Street West, Montreal, Quebec, Canada H3C 1K3;2. École des Mines de Nantes, IRCCyN, La Chantrerie 4, Rue Alfred Kastler, PO Box 20722, 44307 Nantes Cedex 3, France;3. Mechanical Engineering Department, Products, Processes, and Systems Engineering Laboratory, University of Quebec, École de Technologie Supérieure, 1100, Notre Dame Street West, Montreal, Quebec, Canada H3C 1K3 |
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| Abstract: | The major question addressed in this paper is whether the pattern of economic growth based largely on capital accumulation preceded the pattern predominantly dependent on improvement in efficiency as measured by growth of total factor productivity. Observations on Japan extending back to the early phase of modern economic growth, together with those on the United States by Abramovitz, show that a shift from accumulation-based growth to efficiency-based growth occurred in Japan in the same manner as in U.S. economic history. This shift appears to have been associated with a change in the bias of technological progress from the use of physical capital to the use of human capital. Despite this similarity, economic growth in Japan has continued to depend more heavily on physical capital accumulation even since Japan's economy has reached a mature stage. The significant lag in shifting to efficiency-based growth seems to be characteristic of economic growth based on borrowed technology. This hypothesis is consistent with the similarity in growth patterns between Japan and newly industrializing economies in East Asia.J. Japan. Int. Econ., March 1999,13(1), pp. 1–21. School of International Politics, Economics and Business, Aoyama Gakuin University, Shibuya, Shibuya-ku, Tokyo 150-8366, Japan; and Japan Energy Research Institute, Toranomon 4-3-13, Minato-ku, Tokyo 105-0001, Japan.Copyright 1999 Academic Press.Journal of Economic LiteratureClassification Numbers: N15, O47, O57. |
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