Economic Crisis in Japan a Problem of Consumption, Says Professor Hugh Patrick

Columbia Business School Professor Hugh Patrick discusses the impact of the global economic crisis on Japan and outlines the road to recovery.

"It was different that in the United States where we had a housing crisis and then a financial meltdown," Patrick says. "[Japan's] problem is that over the last five or six years, they've depended too much on exports and on domestic business investment as the sources of demand in the economy, and not enough on consumption."

Category:

News & Politics

Tags:

• Columbia Business School
• Japan
• economy

[namitsu1]

Japanese people consume like crazy and now they are told to consume more to counter balance the export?

[tothemax01]

So your theory, Patrick, is that the Japanese economy would be better off if the government started taking money and credit and spending it on random stuff. You also believe that the japs are 'irresponsible' for NOT doing this, and that their 'mindset' is wrong and has to change.

Well, you old blob, I'm glad they reject your mindset, in its entirety. You have no concept of economics whatsover. Its easy to tell you know, the moment anyone says 'insufficient demand' you know he's a economy quack.