All sectors of the Japanese economy are highly efficient. Quality Japanese products began appearing in the 1950s. Japanese education is free through college level. Japanese save more than Americans.
Japanese bureaucrats help direct the microeconomy.
Human rather than natural resources are more important. The Tokyo stock market lost half its value. Prices are so high that Japanese tend to live beyond their means. A Japanese yen is worth little more than a US cent. Explain the relationship between productivity, wages and economic growth.