留学社区

目录

2018年4月份雅思阅读模拟素材:lost decade

字典 |

2018-03-07 15:02

|

【 liuxue86.com - 雅思阅读 】

  准备四月份的雅思考试可以从现在做起,那么有哪些阅读素材参考呢?这是不少出国人士比较关心的问题,和出国留学网一起来看看2018年4月份雅思阅读模拟素材:lost decade!欢迎阅读。

  2018年4月份雅思阅读模拟素材:lost decade

  Whose lost decade?

  Japan’s economy works better than pessimists think—at least for the elderly.

  THE Japanese say they suffer from an economic disease called "structural pessimism". Overseas too, there is a tendency to see Japan as a harbinger of all that is doomed in the economies of the euro zone and America—even though figures released on November 14th show its economy grew by an annualised 6% in the third quarter, rebounding quickly from the March tsunami and nuclear disaster.

  Look dispassionately at Japan’s economic performance over the past ten years, though, and "the second lost decade", if not the first, is a misnomer. Much of what tarnishes Japan’s image is the result of demography—more than half its population is over 45—as well as its poor policy in dealing with it. Even so, most Japanese have grown richer over the decade.

  In aggregate, Japan’s economy grew at half the pace of America’s between 2001 and 2010. Yet if judged by growth in GDP per person over the same period, then Japan has outperformed America and the euro zone (see chart 1). In part this is because its population has shrunk whereas America’s population has increased.

  Though growth in labour productivity fell slightly short of America’s from 2000 to 2008, total factor productivity, a measure of how a country uses capital and labour, grew faster, according to the Tokyo-based Asian Productivity Organisation. Japan’s unemployment rate is higher than in 2000, yet it remains about half the level of America and Europe (see chart 2).

  Besides supposed stagnation, the two other curses of the Japanese economy are debt and deflation. Yet these also partly reflect demography and can be overstated. People often think of Japan as an indebted country. In fact, it is the world’s biggest creditor nation, boasting ¥253 trillion ($3.3 trillion) in net foreign assets.

  To be sure, its government is a large debtor; its net debt as a share of GDP is one of the highest in the OECD. However, the public debt has been accrued not primarily through wasteful spending or "bridges to nowhere", but because of ageing, says the IMF. Social-security expenditure doubled as a share of GDP between 1990 and 2010 to pay rising pensions and health-care costs. Over the same period tax revenues have shrunk.

  Falling tax revenues are a problem. The flip side, though, is that Japan has the lowest tax take of any country in the OECD, at just 17% of GDP. That gives it plenty of room to manoeuvre. Takatoshi Ito, an economist at the University of Tokyo, says increasing the consumption tax by 20 percentage points from its current 5%—putting it at the level of a high-tax European country—would raise ¥50 trillion and immediately wipe out Japan’s fiscal deficit.

  That sounds draconian. But here again, demography plays a role. Officials say the elderly resist higher taxes or benefit cuts, and the young, who are in a minority, do not have the political power to push for what is in their long-term interest. David Weinstein, professor of Japanese economy at Columbia University in New York, says the elderly would rather give money to their children than pay it in taxes. Ultimately that may mean that benefits may shrink in the future. "If you want benefits to grow in line with income, as they are now, you need a massive increase in taxes of about 10% of GDP," he says.

  Demography helps explain Japan’s stubborn deflation, too, he says. After all, falling prices give savers—most of whom are elderly—positive real yields even when nominal interest rates are close to zero. Up until now, holding government bonds has been a good bet. Domestic savers remain willing to roll them over, which enables the government to fund its deficits. Yet this comes at a cost to the rest of the economy.

  In short, Japan’s economy works better for those middle-aged and older than it does for the young. But it is not yet in crisis, and economists say there is plenty it could do to raise its potential growth rate, as well as to lower its debt burden.

  Last weekend Yoshihiko Noda, the prime minister, took a brave shot at promoting reform when he said Japan planned to start consultations towards joining the Trans-Pacific Partnership. This is an American-backed free-trade zone that could lead to a lowering of tariffs on a huge swath of goods and services. Predictably it is elderly farmers, doctors and small businessmen who are most against it.

  Reforms to other areas, such as the tax and benefit system, might be easier if the government could tell the Japanese a different story: not that their economy is mired in stagnation, but that its performance reflects the ups and downs of an ageing society, and that the old as well as the young need to make sacrifices.

  The trouble is that the downbeat narrative is deeply ingrained. The current crop of leading Japanese politicians, bureaucrats and businessmen are themselves well past middle age. Many think they have sacrificed enough since the glory days of the 1980s, when Japan’s economy seemed unstoppable. Mr Weinstein says they suffer from "diminished-giant syndrome", nervously watching the economic rise of China. If they compared themselves instead with America and Europe, they might feel heartened enough to make some of the tough choices needed.

  想了解更多雅思阅读网的资讯,请访问: 雅思阅读

本文来源:https://ielts.liuxue86.com/i/3645458.html
延伸阅读
雅思阅读做题慢游哪些原因?这是正在备考雅思阅读的同学需要了解的,那么接下来就和出国留学网一起来看看吧!(1)边看雅思阅读文章边默读出来以前初高中学英语的时候,老师都让学生要大声念出
2018-07-19
雅思阅读的词汇量是非常大的,所以在备考的时候,对于雅思词汇的备考是非常重要的,那么接下来就和出国留学网一起来看看2018年雅思阅读词汇如何背诵?1.背什么?在平时的雅思教学中,我通
2018-07-19
雅思阅读的文章来自于哪些呢?我想这是很多同学想要了解的问题,而了解这个问题对于自己的备考雅思阅读也是非常有帮助的,那么接下来就和出国留学网一起来看看吧!一、雅思阅读A类的文章大部分
2018-07-19
想出国留学申请好的学校,好的雅思成绩是比较重要的,那么接下来就和出国留学网一起来看看雅思阅读如何提高到7分?在备考雅思的过程中,最重要的一个环节就是做剑桥雅思的真题。剑桥雅思《剑1
2018-07-18
对于雅思阅读来说,想要获得高分是比较难以提高的事情,那么接下来就和出国留学网一起来看看6个提高雅思阅读的技巧。1、快速浏览全文考生最好用1—2分钟大致浏览全文,以便掌握文章的结构。
2018-07-17
准备四月份的雅思考试可以从现在做起,那么有哪些阅读素材参考呢?这是不少出国人士比较关心的问题,和出国留学网一起来看看2018年4月份雅思阅读模拟素材:bankexposures!欢
2018-03-07
准备四月份的雅思考试可以从现在做起,那么有哪些阅读素材参考呢?这是不少出国人士比较关心的问题,和出国留学网一起来看看2018年4月份雅思阅读模拟素材:CoarseWork!欢迎阅读
2018-03-07
准备四月份的雅思考试可以从现在做起,那么有哪些阅读素材参考呢?这是不少出国人士比较关心的问题,和出国留学网一起来看看2018年4月份雅思阅读模拟素材:universityslots
2018-03-07
准备四月份的雅思考试可以从现在做起,那么有哪些阅读素材参考呢?这是不少出国人士比较关心的问题,和出国留学网一起来看看2018年4月份雅思阅读模拟素材:RunawayDevilsLa
2018-03-07
雅思阅读考试的素材其实很多,那么有哪些会极有可能出现在阅读考试呢?想必是不少出国人士比较感兴趣的问题,和出国留学网一起来看看2018年4月份雅思阅读考试素材:Themagicofd
2018-03-09