Author: John H. Makin / Political Geography: Asia

Author:: John H. Makin
Publication Date:: 01-2008
Content Type:: Policy Brief
Institution:: American Enterprise Institute for Public Policy Research
Abstract:: Japan experienced a disastrous decade of economic stagnation and deflation from 1991 to 2001 after bubbles in its stock market and land market collapsed. While some economic pain was unavoidable—given a 60 percent plunge in equity prices between late 1989 and August 1992, accompanied by the onset of what ultimately became a 70 percent drop in land values by 2001—the "lost decade" was not an inevitable outcome. It required a series of persistently wrong economic policy decisions that ignored the lessons learned in America's Great Depression of the 1930s and the subsequent research on the causes of that painful period.
Topic:: Economics, Human Rights, Human Welfare, Humanitarian Aid, and Markets
Political Geography:: United States, Japan, America, and Asia

Author:: John H. Makin
Publication Date:: 01-2007
Content Type:: Policy Brief
Institution:: American Enterprise Institute for Public Policy Research
Abstract:: Top economic policymakers from China and the United States met in Beijing in mid-December 2006 for the first round of what has been called the U.S.-China Strategic Economic Dialogue (SED). There is a lot more at stake than the level of China's currency when the world's premier economic sprinter—China—meets with the world's premier economic long-distance runner—America. The fundamental issue at hand is the creation and preservation of wealth of two nations, each of which has much to teach the other. The right outcome from the dialogue would provide a substantial boost to the global economy in coming years, while the wrong outcome would threaten the continuation of global prosperity.
Topic:: International Relations and Economics
Political Geography:: United States, China, Beijing, and Asia

Author:: John H. Makin
Publication Date:: 02-2005
Content Type:: Policy Brief
Institution:: American Enterprise Institute for Public Policy Research
Abstract:: The average forecast for 2005 U.S. growth is 3.5 percent, with some prognosticators hoping for 4 percent. This forecast is predicated upon the assumption that the economy is on a sustainable expansion path, where consumption will be supported by steady growth of employment and household incomes. The 3.5 percent growth forecast for 2005 is identical to the mean growth rate of the U.S. economy since 1947. However, there is good reason to believe that the consensus forecast is too high. This possibility has important consequences because U.S. growth must be sustained at least at average levels to avoid a sharp drop in global growth. There are no signs of higher growth in Europe and Asia. Growth in Japan is looking weaker, while Chinese growth is moderating.
Topic:: Economics, International Trade and Finance, and Political Economy
Political Geography:: United States, Japan, China, Europe, and Asia

Author:: John H. Makin
Publication Date:: 04-2004
Content Type:: Policy Brief
Institution:: American Enterprise Institute for Public Policy Research
Abstract:: Say's Law, named after French economist Jean- Baptiste Say (1767–1832), was promulgated at the time of the Industrial Revolution when some feared that purchasing power would be insufficient to absorb the ever-growing output of the newly mechanized economy. It states simply and reassuringly that supply creates its own demand. More specifically, the production of output tends to generate purchasing power equal to the value of that output.
Topic:: Economics, International Trade and Finance, and Political Economy
Political Geography:: China, America, and Asia

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