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“Economics of Competition Policy” and “An Economic Theory of Bubbles” win the 64th Nikkei Prize for Excellent Books in Economic Science

Tokyo – November 3, 2021 - “Economics of Competition Policy” (Author: Hiroshi Ohashi, Professor of the University of Tokyo) and “An Economic Theory of Bubbles” (Author: Masaya Sakuragawa, Professor of Keio University) published by Nikkei Business Publications, Inc. (President & CEO: Naoto Yoshida; Minato-ku, Tokyo) won the 64th Nikkei Prize for Excellent Books in Economic Science. This award is co-hosted by Nikkei Inc. and the Japan Center for Economic Research and was established in 1958 with the aim of contributing to enhance academics and knowledge in the fields of economics, management, and accounting as well as promoting their spread and application to the general.

“Economics of Competition Policy” by Hiroshi Ohashi
(Hardcover 127x188mm, 344 pages, Pre-tax price JPY2,500)

The author Mr. Ohashi is a winner of Jiro Enjoji Memorial Prize to honor up-and-coming economists. The aim of competition policy is to prohibit market monopoly and to bring benefits to the entire society including buyers through vitalization of competition. However, Japan is facing the environmental changes resulting from the shrinking market due to declining population and the digitalization of economy, and is required drastic shift from the traditional competition policy focusing on market share. In light of such problem consciousness, this book made policy proposals based on the extensive analysis, including the merger between Fuji Iron & Steel and Yawata Steel, public procurement, mobile phones, electricity system reform, and renewable energy, corporate merger, and consolidation of regional banks. This is a must-have book for discussing a shape of Japan’s competition policy in future.

“An Economic Theory of Bubbles” by Masaya Sakuragawa
(Hardcover A5, 504 pages, Pre-tax price JPY4,500)

The author Mr. Sakuragawa is a theoretical economist and explains that the bubble is deeply connected to an imperfectability of the financial markets by examining the existing theory on the bubble and came up with his unique concept “low interest rate economics” that the bubble occurs when interest rate is below growth rate. He also analyzed the bubble phenomenon in Japan, US and other countries and regions in the world to clarify the connected transmigration of bubbles beyond borders and regions.

Applying “low interest rate economics” to Japan on this basis, he pointed out that in Japan the financial function has been deteriorated in parallel with the zero-interest rate policy and that the aggravation of “transfer of economy” by government bond bubble has resulted in the stagnant economy, and raises a bold question that an interest rate hike truly drives growth.

This great book extends from the theoretical, historical and demonstrative analysis to policy proposals, to cut boldly and deeply into the problems of bubble that leads to today’s long-term stagnancy.

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