Dr. Osamu Shimomura's Legacy and the Postwar Japanese Economy

  • Kozo Horiuchi
  • Masayuki Otaki

Part of the SpringerBriefs in Economics book series (BRIEFSECONOMICS)

Also part of the Development Bank of Japan Research Series book sub series (BRIEFSDBJRS)

Table of contents

  1. Front Matter
    Pages i-xi
  2. Kozo Horiuchi, Masayuki Otaki
    Pages 1-7
  3. Vision, Theory, and Policy: High Growth and Zero Growth

    1. Front Matter
      Pages 9-9
    2. Kozo Horiuchi, Masayuki Otaki
      Pages 11-19
    3. Kozo Horiuchi, Masayuki Otaki
      Pages 21-41
    4. Kozo Horiuchi, Masayuki Otaki
      Pages 43-66
  4. Implications of Zero Growth Vision: Lost Decades, Sustainability, and Corporate Management

    1. Front Matter
      Pages 67-67
    2. Kozo Horiuchi, Masayuki Otaki
      Pages 69-89
    3. Kozo Horiuchi, Masayuki Otaki
      Pages 91-106
    4. Kozo Horiuchi, Masayuki Otaki
      Pages 107-109
  5. Back Matter
    Pages 111-113

About this book


This book elucidates the economic conditions and policies  during the post War Japanese economy from the view point of an influential policy maker. Dr. Osamu Shimomura is one of the most eminent economists in Japan. He entered the Ministry of Finance and played a crucial role in actualizing the High-Growth era from the late 1950s to the early 70s. "The Doubling Income Plan", which is issued by the Ikeda cabinet, originates from him. It should be noted that while most economists held pessimistic view on the future, Shimomura is brave and foresighted.

Shimomura’s theory is not merely one of the pioneer works in macroeconomics, but also suits the economic conditions of Japan. Shimomura extends the principle of effective demand, which means that his theory includes effects of capital accumulation to production capacity. While one may argue that Harrod (1939) and Domar (1946) have already achieved that, Shimomura’s theory centers policy recommendations for sustaining the high economic growth against the productivity growth that would cause excess supply in the market.

Succinctly,  Shimomura is a Keynesian who believes the vigor in its private sector but recognizes that Japanese economy urgently needs the government’s auxiliary macroeconomic policies. This book emphasizes that the rapid Japanese growth owes mainly to affluent entrepreneurship filled in the economy not to the sheer government’s planning. Dr. Shimomura’s theory endorses our assertion.


High-Growth Era Income Doubling Plan Dr. Shimomura Speculative Bubbles Abenomics Sustainability and Corporate Management

Authors and affiliations

  • Kozo Horiuchi
    • 1
  • Masayuki Otaki
    • 2
  1. 1.Hosei UniversityTokyoJapan
  2. 2.Institute of Social ScienceThe University of TokyoTokyoJapan

Bibliographic information