“The third way” to economic recovery, as advocated by Prime Minister Naoto Kan, appears to have been misinterpreted by a columnist who wrote for the July 3 issue of Nihon Keizai Shimbun, a leading Japanese economic journal.

In the article titled “What is the Third Way?,” the columnist stated that the “first way” called for an economic recovery led by investment in public-works projects and that the “second way,” which replaced the first way, turned out to be a mistake, as it involved excessive market fundamentalism that relied too heavily on supply-side economic policies, attaching importance to improvements in productivity.

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