JAPAN:
Japan and the Demand-Side Lie*

By Melvyn B. Krauss and Lee R. Thomas

In an effort to revive its economy, the Japanese government went on a 10-year spending spree, devoting vast sums to unneeded public works. The result? The Japanese economy continues to languish. Hoover fellow Melvyn Krauss and Lee R. Thomas offer a genuine solution to the Japanese problem.

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Melvyn Krauss is the William L. Clayton Senior Fellow at the Hoover Institution. He is also emeritus professor of economics at New York University. He is an expert on international economics and economic development.