Decisive Essay by Leading Macroeconomist! 'Japan: Decline or Rebirth? Zeitgeist and Animal Spirits' to be Released on May 21!

Shinchosha Co., Ltd. will release the latest book by Hiroshi Yoshikawa, a Professor Emeritus at the University of Tokyo and a leading figure in macroeconomics, titled 'Japan: Decline or Rebirth? Zeitgeist and Animal Spirits' on Thursday, May 21, 2026. This book is a tour de force that can be seen as an answer song to the 1999 bestseller 'Why Has Japan Failed?' by the late Morishima Michio, a world-renowned economist and Professor Emeritus at the University of London. ■ The Fallen Argentina and Japan. What Do the Two Countries Have in Common? Argentina, which continues to suffer from severe inflation and long-term economic stagnation, was one of the world's leading economic powers until after World War II. Japan, once hailed as 'Japan as No.1' in the 1980s, has also been suffering from the 'lost 30 years.' So, what do the two countries have in common? The author says it is the 'expansion of economic disparity' within the country. How is Japan, once said to have a '100 million all-middle class,' losing its 'thick middle class'? The book delves into the process and current situation. ■ Why Hasn't the Birth Rate Improved Despite Strengthening Child-Rearing Support Measures? Since the decline in the birth rate became prominent in the 90s, various child-rearing support measures have been taken in Japan. However, there are no signs of a halt to the declining birthrate. The reason, the author says, is because 'there is a Factor X that cancels out the positive effects of the (declining birthrate) policies.' So, what exactly is this 'Factor X' that lowers the birth rate? The answer is found in a surprising description left by the genius economist Schumpeter in his book published in 1942. ■ What Is the Real Reason for Stagnant Innovation? In the United States, the innovation of tech companies like 'GAFAM' is driving the economy. In Japan, on the other hand, the 'per capita GDP,' which indicates the nation's wealth, continues to stagnate. Despite achieving high growth through technological innovation in the manufacturing industry, why has Japan become unable to innovate? The author argues that the transformation of the people's 'zeitgeist' lies in the background. ■ What Is the 'Zeitgeist' Behind the 'Lost 30 Years'? The author says that the 'zeitgeist' born from the defeat in the war supported high growth, but the 'zeitgeist' that transformed over time is what led to the bubble economy. What does that mean? And what is necessary for Japan to escape the 'lost 30 years'? Please read this book to find out. ■ Book Description What are the real reasons for widening inequality, declining birth rates, and stagnant innovation? A leading macroeconomist focuses on the human impulses and passions that both Keynes and Schumpeter emphasized, and delves into the transformation of the 'zeitgeist' that determines the rise and fall of nations. ■ Author Profile: Hiroshi Yoshikawa Born in Tokyo in 1951. Professor Emeritus at the University of Tokyo. After graduating from the Faculty of Economics at the University of Tokyo, he obtained a Ph.D. from Yale University. He has served as an assistant professor at the State University of New York, an associate professor at the Institute of Social and Economic Research at Osaka University, an associate professor and professor at the University of Tokyo, and a professor and president at Rissho University. He was recognized as a Person of Cultural Merit in 2023. His specialty is macroeconomics. His books include 'Macroeconomic Research' (Nikkei-Economic Book Culture Award, Suntory Prize for Social Sciences and Humanities), 'The Japanese Economy and Macroeconomics' (Economist Award), 'The Japanese Economy in Transition' (Yomiuri-Yoshino Sakuzo Prize), and 'Population and the Japanese Economy: Longevity, Innovation, and Economic Growth'. ■ Book Overview [Title] Japan: Decline or Rebirth? Zeitgeist and Animal Spirits [Author] Hiroshi Yoshikawa [Format] 224 pages [Price] ¥1,760 (tax included) [Release Date] May 21, 2026 [ISBN] 978-4-10-603946-1 [URL] https://www.shinchosha.co.jp/book/603946/