Is There a Japanese Economic Crisis?

Abstract

I am not going to say no. But I might like to be more careful with that expression, “economic crisis”, than most of the commentators. They tend to take it for granted that there is a crisis, seem to be under no obligation whatsoever to define a term before they indulge in using it, to the point that it takes on a life of its own. It came into life fall 1997, grew rapaciously, has now attained monster status driving people around in a frenzy, till — I have seen this many times — some St. George somewhere stands up and kills the dragon. In no way does that mean that the crisis goes away, only that the term “crisis” has outlived its usefulness. Nobody gets excited any longer, let’s find something new to excite us. No term can hope for more than a couple of years; the life expectancy for most of them is far shorter. Reality has nothing, or very little, to do with it.