69FunnyNumberGuy420 t1_jd2xw51 wrote on March 21, 2023 at 1:42 PM

Reply to comment by Gnarlsaurus_Sketch in Let's pour one out for the developers of Pittsburgh by PublicCommenter

Economics exists as a "science" to backfill an explanation for what the capital-holding classes want to do anyway. You know that and I know that.
 
My favorite economics story is from the book Princes of the Yen, wherein Japan sent their youngest and brightest minds to Chicago to learn economics, and they took what they learned there and trashed the Japanese economy for over three decades and counting. Good stuff.

Gnarlsaurus_Sketch t1_jd31k2r wrote on March 21, 2023 at 2:09 PM

>capital-holding classes

lol, that's a loaded phrase if I ever saw one. I've been called worse.

I'd chalk Japan's lost decades up to too much micromanaging by the Bank of Japan, a liquidity trap, and bad demographics (birthrate too low).

69FunnyNumberGuy420 t1_jd31ujj wrote on March 21, 2023 at 2:11 PM

> I'd chalk Japan's lost decades up to too much micromanaging by the Bank of Japan,

 
Read the book, the entire issue started when the Chicago School guys came back and said BoJ meddled too much that they had to move to a "free market" solution since those were the only thing that worked. Whoops!
https://www.amazon.com/Princes-Yen-Central-Bankers-Transformation/dp/0765610493
 
Prior to the 1980s Japan had basically a command economy pointed towards producing consumer goods.