Japan, Economics in

Abstract

Economics in Japan seems to have developed in two major different ways, political economy and neoclassical economics. The traditional notion of ‘administering the nation and relieving the suffering people’ continued to exert a strong influence on political economists. The German Historical School and then Marxian economics also maintained their very strong traditional hold up to the 1960s, as in other late-developing countries. Neoclassical and Keynesian economics began to develop in the 1930s. Some theoretical economists began to make international contributions to studies of the general equilibrium approach, welfare economics, and trade theory in the 1950s.

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