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The New Paradigm in Macroeconomics: Solving the Riddle of Japanese Macroeconomic Performance Paperback – 1 May 2005


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Product details

  • Paperback: 436 pages
  • Publisher: Palgrave Schol, Print UK; First Edition edition (1 May 2005)
  • Language: English
  • ISBN-10: 1403920745
  • ISBN-13: 978-1403920744
  • Product Dimensions: 14 x 2.5 x 21.6 cm
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Bestsellers Rank: 331,985 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Review

'Richard Werner's exploration of the reasons for Japan's long stagnation is simultaneously stimulating and controversial. His study will take the reader on an exciting and well-written detective story to discover the underlying reasons for Japan's asset boom and subsequent long-drawn-out bust. Whether readers will agree with him, or not, they will be forced, by the power of his analysis, to reconsider and to reconfigure their own preconceptions. It is both a powerful and important book, which challenges both much received wisdom and the role of the Bank of Japan.' - Charles A. E. Goodhart, Norman Sosnow Professor of Banking and Finance, London School of Economics and Political Science, University of London

'an ambitious attempt to shape the terms of the economic debate over Japan's decade-long post-bubble economic stagnation.' - William Grimes, Boston University

'What a wonderful read! It must have been exciting to solve the puzzles, and Werner does a very good job in letting the reader share in the excitement of this intellectual quest. Werner develops a simple and elegant model based on empirical observations but sufficiently abstract, and one that stands up to empirical testing impressively well. The potential implications are huge. His findings have become influential with those interested in the real world of (Japanese) finance.' - Dirk Bezemer, Imperial College, University of London

'Werner has done an excellent job of showing the difficulties and conundrums faced by neoclassical theory when confronted with Japan's recent (and older) performance. He demonstrates a scholarly and deep knowledge of the Japanese economy, while maintaining a light touch. Werner's analysis of banking and credit-money creation, in particular, offers new insights into the enigmas of Japanese capitalism. This is a book that will be read by many more than Japan specialists.' - Costas Lapavitsas, SOAS, University of London

'Lucid in presentation, trenchant in critique, Richard Werner has stamped on orthodox neo-classical interpretations of the Japanese economy and joined a group of apostates demanding a new paradigm for the dismal science. The intellectual rigour with which he marshals the evidence to explain the riddle of Japanese macroeconomic performance is impressive. Whilst his focus on the role of the Bank of Japan in the supply of money and credit as his key explanatory variable is bound to spark controversy, for all those interested in the actual workings of the Japanese economy his empirically rich and theoretically robust analysis will prove stimulating and refreshing. It should be read by all students of the Japanese economy and political economy more generally.' - Glenn D. Hook, Professor of Japanese Studies and Director of the Graduate School of East Asian Studies, University of Sheffield, UK
'Werner's exploration of the reasons for Japan's long stagnation is simultaneously stimulating and controversial. His study will take the reader on an exciting and well-written detective story to discover the underlying reasons for Japan's asset boom and subsequent long-drawn-out bust...It is both a powerful and important book, which challenges both much received wisdom and the role of the Bank of Japan.' - Charles A. E. Goodhart, London School of Economics and Political Science, UK

'an ambitious attempt to shape the terms of the economic debate over Japan's decade-long post-bubble economic stagnation.' - William Grimes, Boston University, USA

'What a wonderful read!...Werner develops a simple and elegant model based on empirical observations but sufficiently abstract, and one that stands up to empirical testing impressively well. The potential implications are huge. His findings have become influential with those interested in the real world of (Japanese) finance.' - Dirk Bezemer, Imperial College, University of London, UK

'Werner has done an excellent job of showing the difficulties and conundrums faced by neoclassical theory when confronted with Japan's recent (and older) performance...Werner's analysis of banking and credit-money creation, in particular, offers new insights into the enigmas of Japanese capitalism. This is a book that will be read by many more than Japan specialists.' - Costas Lapavitsas, SOAS, University of London, UK

'A must-read for economists and finance professionals. It will revolutionise economics.' -Tobias Hoschka, Head of Asian Research, McKinsey & Company

About the Author

RICHARD A. WERNER is Professor of International Banking at the University of Southampton, UK. Previously, he was Reader at Southampton and Assistant Professor of Economics at Sophia University in Tokyo, Japan. He has spent over a decade in Asia, including at the Bank of Japan, the Japanese Ministry of Finance and the Asian Development Bank, and as Chief Economist of Jardine Fleming Securities (Asia) Ltd and asset allocator of a major pension fund. He is much quoted in the media and has published widely on financial markets and monetary economics. In 2003, he was selected as Global Leader for Tomorrow by the World Economic Forum in Davos.

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Customer Reviews

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8 of 8 people found the following review helpful By dodgernick on 15 Jan. 2011
Format: Paperback
A superb treatise on money and banking and its relationship to the wider economy. It combines rigorous scholarship, accessible arguments and sane ways out of the financial turmoil and slavery we find ourselves in. Werner reworks macroeconomic theory through the lens of credit, finding that the supposed 'puzzles' of macroeconomics, such as why the velocity of circulation of money appears to bear no stable relationship to real economic activity, dissolve. The key point is that banks create money (credit, debt) out of nothing, they do not act as intermediaries channelling savings to investment. One can then distinguish between credit created for productive purposes and credit created for speculation on rising asset prices in the financial sector. Having done this you find that productive credit creation predicts the path of economic activity remarkably well.

The abandonment of credit controls with the advent of neoliberal ideology has meant that productive activity has been increasingly starved of funds to the benefit of the financial sector, also causing the latter to spiral out of control. We also learn why conventional fiscal policy cannot counter recessions. Unless new credit is created to finance it, all that happens is that investment funds are diverted from non-bank financial institutions. Werner points out that instead (and here he joins a long line of distinguished commentators) money can be created by the government, independently of the banking sector, interest-free. It can be literally spent into existence in the public interest.

These arguments are bolstered with convincing empirical analysis from Japan, where the author has worked in financial institutions.
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9 of 9 people found the following review helpful By Hans Goetti on 25 Oct. 2005
Format: Paperback
I am convinced I have just been reading what will become a classic among economic literature. The author's train of thought and his investigative approach is very convincing, and there is no doubt in my mind that global economic policy makers will have to pay attention to this new paradigm. Like every great new idea this one is probably one generation ahead of its time. It will take this long to overcome vested interests, who are not interested in seeing their cherished lifelong theories put into question. It is nothing short of scary that economic policy today is conducted based on erroneous and faulty assumptions. This is the single most important reason to take a hard look at the new paradigm in macroeconomics put forth so eloquently by the author.
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6 of 6 people found the following review helpful By M. Schellekens on 25 Dec. 2009
Format: Paperback
This book is one of the best I read in many years. It answered quite a few questions I had about interventions that can be taken to solve our current financial crisis. It does so by thoroughly reviewing the decade of economic stagnation in Japan, but, written in 2005 before the onset of the global crisis, it is amazingly applicable to the current crisis. It offers a fresh perspective on what can be done to solve crises like these, and at the same time, is critical of the current dominating economic theories as they are taught at universities. In this respect, it truly does offer a new perspective on a number of economic phenomena, and can justifiably be called a new paradigm. At the same time, the book is very accessible: there are few esoteric mentions of economic jargon, and, in a way, the book reads like a detective, where a number of enigma's are being outlined, that makes one curious how they will be solved. An absolute must-read for anyone interested in the current crisis.
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