ABSTRACT
This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book focuses on the international contributions of Japanese economists before and after World War II. It explores that focal point is the controversies concerning macroeconomic policies in Japan in the period of the 'Great Depressions' in the 1930s and the period of Japanese 'Great Stagnation' in the 1990s and the 2000s. Koichi Hamada, Haruhiko Kuroda and Kikuo Iwata are three key persons for the monetary policy of 'Abenomics'. Controversies regarding monetary policy and deflation in Japan from the 1990s to the early 2000s discuss the monetary policy controversies in the period of the Japanese deflationary depression. A. Noguchi surveys the debate on monetary policy and deflation in Japan since the 1990s among Japanese economists. The highest nominal GDP ever recorded by Japan was 521 trillion yen in 1997.
