The staff at the Institute will present an analysis on how asset price fluctuations and subsequent structural adjustments influence sustained economic growth, based on Japan's experience since the second half of the 1980s.
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
Thus, the questions we should ask here are what makes the current economic upswing different from the past two recoveries, and whether such differences are sufficient for the economy to reach the sustained growth path.
Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms.
Sometimes, as is the case of peach and plum trees, which are often dwarfed, the plants are thrown into a flowering states, and then, as they flower freely year after year, they have little inclination to make vigorous growth.
So high do these plants stand in the favour of the Chinese gardener, that he will cultivate them extensively, even against the wishes of his employer; and, in many instances, rather leave his situation than give up the growth of his favourite flower.
Whatever I contributed to the unique morale of the Cardinals was part of this growth, and so, of course, was my decision to have it out in public with the owners of organized baseball.
We can come from our own particular point of view and lay it down. We should not be throwing verbal rocks at each other. We're all responsible to continue the growth of Hip Hop.
The idea that to make a man work you've got to hold gold in front of his eyes is a growth, not an axiom. We've done that for so long that we've forgotten there's any other way.
A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output.
