Japanese public works

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

First of all, I want to think both Bill
and Anthony for their comments.

Since I confess that Japan is an
absolute mystery to me.  I don't know
another case in which a bubble has burst
and yet seemingly remained in place.
I'm amazed that Japan took so long to
begin shedding labor.  In the United
States, where large corporations
believed maintaining employment
relations, within two years of the great
Depression and large companies began
massive layoffs.

Friends have told me that the public
works looked very impressive. Their
reports were probably selective.

I would also like to understand how to
interpret the difference between
Anthony's understanding of corruption
and Bill's.  Certainly, pork barrel
politics lay behind a large number of
public works in United States -- even
though public works may provide an
important underpinning for the economy.

--

Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael@xxxxxxxxxxxxxxxxx