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 … stay in agriculture …

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 … stay in agriculture …

There are two major differences between Japan and the United States in the way saving is calculated in their national … rates of the two countries. Since 1970 Japan's national saving rate has been declining to the stationary U.S. rate. This … trend, however, has been reversed in recent years. In contrast, Japan's wealth-to-income ratio (excluding land), after …