From the beginning, it was possible to foresee that the “Abenomics” proposed by Prime Minister Shinzo Abe would fail to reach its of goal of restoring 2% per year annual growth. It was relying on “inflation targeting” as a magic bullet, rather than undertaking the more difficult task of structural reform, despite his promises to do so. In this, Abe received support from some prominent American economists. this piece from 2013, the first months of Abe’s tenure, correctly foresaw that it would not work.
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