{"id":6108,"date":"2014-11-01T15:16:46","date_gmt":"2014-11-01T07:16:46","guid":{"rendered":"http:\/\/onthe8spot.com\/?p=6108"},"modified":"2014-11-01T15:16:46","modified_gmt":"2014-11-01T07:16:46","slug":"apologizing-to-japan-nytimes-com","status":"publish","type":"post","link":"http:\/\/onthe8spot.com\/index.php\/2014\/11\/01\/apologizing-to-japan-nytimes-com\/","title":{"rendered":"Apologizing to Japan – NYTimes.com"},"content":{"rendered":"

TOKYO \u2014 For almost two decades, Japan has been held up as a cautionary tale, an object lesson on how not to run an advanced economy. After all, the island nation is the rising superpower that stumbled. One day, it seemed, it was on the road to high-tech domination of the world economy; the next it was suffering from seemingly endless stagnation and deflation. And Western economists were scathing in their criticisms of Japanese policy.
\nI was one of those critics; Ben Bernanke, who went on to become chairman of the Federal Reserve, was another. And these days, I often find myself thinking that we ought to apologize.
\nNow, I\u2019m not saying that our economic analysis was wrong. The paper I published in 1998 about Japan\u2019s \u201cliquidity trap,\u201d or the paper Mr. Bernanke published in 2000 urging Japanese policy makers to show \u201cRooseveltian resolve\u201d in confronting their problems, have aged fairly well. In fact, in some ways they look more relevant than ever now that much of the West has fallen into a prolonged slump very similar to Japan\u2019s experience.
\nvia Apologizing to Japan – NYTimes.com<\/a>.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

TOKYO \u2014 For almost two decades, Japan has been held up as a cautionary tale, an object lesson on how not to run an advanced economy. After all, the island nation is the rising superpower that stumbled. One day, it seemed, it was on the road to high-tech domination of the world economy; the next … <\/p>\n

Continue reading “Apologizing to Japan – NYTimes.com”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,79],"tags":[],"class_list":["post-6108","post","type-post","status-publish","format-standard","hentry","category-economics","category-reposts"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/6108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/comments?post=6108"}],"version-history":[{"count":0,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/6108\/revisions"}],"wp:attachment":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/media?parent=6108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/categories?post=6108"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/tags?post=6108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}