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Economic Theory, Dynamics and Markets
Economic Theory, Dynamics, and Markets. The collection of essays in honor of Ryuzo Sato, written by his colleagues and students, covers the many fields of economic theory and policy to which he has contributed. The first section pays tribute to his contributions to mathematical economics and economic theory. Ryuzo Sato is known for his work in growth theory and technical progress, and the second section has a number of papers on macroeconomics and dynamics. The third section has a number of papers on financial markets and their functioning in Japan and the United States. The next section examines various aspects of the economics of firms and industry. Ryuzo Sato has been very involved in analyzing the economic and business relations between Japan and the United States, and the last section is devoted to comparative analysis of economic systems.
International Governance and Risk Management
In this book the authors demonstrate how the economics of insurance, risk reduction, and damage control or limitation can be combined with concepts of collective choice and collective behavior to improve analysis of the escalating threats faced by alliances throughout the world. The book develops a theory of risk management as integrating likelihood of loss, magnitude of loss, and isolation from loss into a consolidated model. It extends existing concepts of individual risk management by a single person to decision theory for an entire country, managed by a government bureaucracy and lodged in a universe of overlapping alliances. The authors uncover a tendency, inherent in any bureaucracy fo...
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Keynesian Economics and Price Theory
This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory. New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.
Brain-Inspired Information Technology
"Brain-inspired information technology" is one of key concepts for the development of information technology in the next generation. Explosive progress of computer technology has been continuing based on a simple principle called "if-then rule". This means that the programmer of software have to direct every action of the computer programs in response to various inputs. There inherently is a limitation of complexity because we human have a limited capacity for managing complex systems. Actually, many bugs, mistakes of programming, exist in computer software, and it is quite difficult to extinguish them. The parts of computer programs where computer viruses attack are also a kind of programmi...
Resource Allocation and Division of Space
This volume on the proceedings of a symposium on Resource Allocation and Division of Space represents a revised interest in the old problem of allocation and a fresh attack on the increasingly vital problem of space management. The symposium was held at the Toba International Hotel, near Nagoya, Japan in December, 1975. Although the contributions included in this volume are all broadly concerned with either resource allocation or spatial problems, the editors have selected papers essentially on the basis of scientific merits and orginality rather than on the basis of narrowly focused topics and titles. The result is that all of the papers included, ranging from growth, index number, space de...
Input-Output Analysis
This edition of a classic textbook is an essential reference for students and scholars in the input-output research and applications community. New topics covered include SAMs (and extended input-output models) and their connection to input-output data, structural decomposition analysis (SDA), multiplier decompositions, identifying important coefficients, and international input-output models.
Japan and Asia
This book aims to review the postwar interactions of Japan with Asia. The Japanese factory production system, kaizen, has been shared in Asia. This book collects more diverse topics from Japan’s interactions with China, the Philippines, Indonesia, and Hong Kong. Each chapter provides details on how the business, political, and cultural interactions enrich both sides. The findings are then used to suggest the possibility of a de-facto Asian Community and Japan’s role in the present and post-COVID-19 world.
Macroeconomics, Trade, and Social Welfare
This book develops new, original methods of welfare comparison and comparative dynamics between distinct and discretely positioned (rather than continuously related) socioeconomic situations. These methods are not only realistic but also extremely relevant to serious economic problems. Using them, the book sheds illuminating new light on the theoretical analysis of Keynesian economics and other important issues of political economy. For instance, it shows that the principle of effective demand applies exactly as Keynes put it to the unemployment equilibrium in the short run. It also shows that the equilibrium may change along the expansion path as the government chooses to vary its expenditure to maximize national welfare. The same methods are effectively employed theoretically to investigate modern trade policy issues such as gains from trade, the theory of tariffs, free trade agreements, and the role of the WTO. Those methods are also used to study the welfare and efficiency of various socioeconomic situations.
