Japanese Institutionalist Post-Keynesians Revisited: Inheritance from Marx, Keynes and Institutionalism

The book "Postwar Japanese Institutionalist Post-Keynesian Economics: An Intellectual History" explores the academic achievements of Japanese institutionalist post-Keynesian economists in the postwar period, highlighting their contributions to contemporary capitalism. It argues that their intellectual heritage can provide valuable insights for institutional economics in the 21st century.

Format: Hardback
Length: 133 pages
Publication date: 10 March 2023
Publisher: Springer Verlag, Singapore

The significance of the academic accomplishments of Japanese institutionalist post-Keynesian economists during the postwar period cannot be overstated. These economists, including the renowned figures of Shigeto Tsuru and Hirofumi Uzawa, have left an indelible mark on the field of economics, drawing inspiration from a diverse range of intellectual traditions, including Keynes, Marx, and institutionalism. In the context of the globalized world that emerged after the 1990s, the issue of economic inequality and social division has become increasingly pressing. It is in this backdrop that the academic achievements of these Japanese economists deserve to be reassessed, with the aim of establishing a new political economy that can address these pressing concerns.

The book under consideration takes a comprehensive approach to examining the contributions of Japanese institutionalist post-Keynesian economists. It identifies the essence of their research work, focusing on the overall image of the economy for contemporary capitalism. These economists benefited from the rich legacies of Keynes, Marx, Kalecki, and institutionalist economists such as Veblen and Galbraith. When their research is analyzed systematically, it becomes evident that Japanese institutionalist post-Keynesians are characterized by their in-depth theoretical and empirical studies, aimed at establishing their own political economy as the moral science of civil society.

One of the key features of Japanese institutionalist post-Keynesian economics is their emphasis on the role of institutions in shaping economic outcomes. They argue that institutions play a critical role in determining the distribution of wealth, income, and power, and that these institutions can either promote or hinder economic growth and social welfare. By studying the historical development of institutions in Japan and other countries, these economists have sought to understand how institutions have influenced economic policy and outcomes, and how they can be reformed to promote greater equality and sustainability.

Another important aspect of Japanese institutionalist post-Keynesian economics is their focus on the role of the state in promoting economic growth and social welfare. They argue that the state should play a proactive role in shaping the economy, through policies such as fiscal stimulus, social welfare programs, and labor market regulations. However, they also recognize the limitations of the state and argue that the state should be accountable to the citizens and should promote democratic governance and social participation.

In conclusion, the academic achievements of Japanese institutionalist post-Keynesian economists during the postwar period are a valuable source of knowledge and inspiration for institutional economics in the 21st century. Their emphasis on the role of institutions, the state, and social welfare, as well as their commitment to promoting greater equality and sustainability, provide us with insightful implications for building a more just and prosperous world. By reconsidering the intellectual heritage of these economists, we can learn from their experiences and apply their insights to address the challenges of our time.

Weight: 395g
Dimension: 235 x 155 (mm)
ISBN-13: 9789811986871
Edition number: 1st ed. 2023