Is a weak yen good for Japan’s economy?
Currency fluctuations affect different populations in different ways. Consider the recent decline of the yen, which slid from around ¥103 against the US dollar at the end of 2020 to a multi-decade...
Should fiscal policy resemble private budgets?
The threat of a US government shutdown underscores the dilemma facing many countries trying to balance their budgets and stimulate economic growth. In the aftermath of the Covid-19 pandemic, a growing...
Making Japan productive again
When I was teaching at the University of Tokyo in the 1970s, my daily commute lasted three and a half hours. But, one day, it threatened to last twice as long: With labour strikes having shut down...
The power and poison of MMT
When Democratic Senator Joe Manchin announced that he would not support US President Joe Biden’s Build Back Better Act — effectively dooming the president’s signature legislative initiative —...