Under a declining population, the engine for economic growth is regarded as broadly defined technical progress or innovation. We demonstrate that the production of goods always follows logistic growth. This simple fact results from the saturation of demand for any existing goods and services....

Standard micro-founded macroeconomics starts with optimization exercises to derive the precise behavior of the representative agent and regards the macroeconomy as a homothetic enlargement of a micro agent. This paper takes a different approach and presents a new micro-foundation for Keynesian...

Tackling issues relating to low fertility and aging population is widely acknowledged as the most important challenge for the Japanese economy and society in the twenty-first century. There is a general consensus that given these issues of low fertility and aging population, innovation that is...

In the process of economic growth, changes of industrial structure play an important role. According to Aoki and Yoshikawa (2002), the asymmetry exists between "old" industries and "new" industries depending on different growth rates of demand. When new goods or new sectors are created, demand...

We study productivity dispersions across workers, firms and industrial sectors. Empirical study of data on Japanese firms shows that they all obey the Pareto law, and also that the Pareto index decreases with the level of aggregation. In order to explain these two stylized facts, we propose a...

Using a simple stochastic growth model, this paper demonstrates that the coefficient of variation of aggregate output or GDP does not necessarily go to zero even if the number of sectors or economic agents goes to infinity. This phenomenon known as non-self-averaging implies that even if the...

In place of the standard search equilibrium, this paper presents an alternative concept of stochastic macro-equilibrium based on the principle of statistical physics. This concept of equilibrium is motivated by unspecifiable differences in economic agents and the presence of all kinds of micro...

This publication is in Japanese. Neither an English translation of the publication nor an English abstract is available.

Synchronization in international business cycles attracts economists and physicists as an example of self-organization in the time domain. In economics, synchronization of the business cycles has been discussed using correlation coefficients between gross domestic product (GDP) time series....

This publication is in Japanese. Neither an English translation of the publication nor an English abstract is available.