Part 6/8:
Japan's stagnation challenges conventional economic wisdom. Prominent economists argue that prolonged stagnation often leads to dire consequences, such as high unemployment and fiscal strain. However, Japan defies this trend, demonstrating that a nation can sustain a high quality of life and stable job market despite slower economic growth.
The cultural factors at play, notably resistance to change and an aging population, complicate the pathway to economic revitalization. Japan has exhibited a unique trait: maintaining institutional stability over aggressive economic growth, implying that other nations may have to reconsider their approach to economic challenges as they age.