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This presentation of advanced macroeconomics emphasizes the dynamic behaviour of the economy. Developed capitalist economies are characterized by large stocks of durable goods and the intertemporal nature of economic decisions that these involve. Such intertemporal decisions based on expectations about an uncertain future are the main sources of mistakes and consequent economic fluctuations. In this book, therefore, macroeconomic theory and policy are viewed as applications of capital theory. Professor Nagatani traces the early contributions to this viewpoint and critically surveys the modern...

This book first published in 1998 containes the work of Six members of the Centre for Japanese Research (CJR), an area unit of the Institute for Asian Research at the University of British Columbia. They were motivated by the fact that after over a century of cultural, economic and political interaction between the two regions, mutual misunderstandings or perception gaps remain deep and wide and by the belief that highlighting these differences, as they manifest in diverse areas and manners, might potentially contribute to a better understanding, if not an immediate narrowing, of the gaps....