Hayashi, Fumio; Prescott, Edward C. - 2021
The question we address in this paper is why the Japanese miracle didn't take place until after World War II. For much … of the pre-WWII period, Japan's real GNP per worker was not much more than a third of that of the U.S., with falling … barrier, Japan's prewar GNP per worker would have been close to a half of the U.S. The labor barrier existed because, we argue …