Prime Minister Shinzo Abe blames the opposition camp for criticizing "Abenomics" without presenting lternatives. But finding a way to put today's economy on a virtuous circle is akin to trying to create something out of nothing.
While information and communications technologies have increased the conveniences and comforts of life in Japan to an unprecedented level, the nation's economy remains stagnant, partly because of the saturation of the auto market.
In view of the disparity in professors' pay between Japanese and American universities, the notion of elevating Japanese universities' global rankings simply by bringing in outstanding "foreign talent" as instructors and researchers is a castle in the sky.
The Abe government has decided on its new economic growth strategy — the "third arrow" of "Abenomics" — but what of today's production systems, which are quite different from the models depicted in economics textbooks?
The percentage of Japanese high school graduates entering university is not growing as fast as one would expect. It is well below the average ratio for the 34 members of the Organization for Economic Cooperation and Development.