Time and Space in Economics
In August 2005, a small but important conference took place at Chuo University in Tokyo, Japan. This international conference, the Chuo Meeting on Economics of Time and Space 2005 (Chuo METS 05), aimed to enrich the respective disciplines of the economics
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T. Asada, T. Ishikawa (Eds.)
Time and Space in Economics With 48 Figures
Toichiro Asada, Ph.D. Professor, Faculty of Economics Chuo University 742-1 Higashinakano, Hachioji, Tokyo 192-0393, Japan Toshiharu Ishikawa, Ph.D. Professor, Faculty of Economics Chuo University 742-1 Higashinakano, Hachioji, Tokyo 192-0393, Japan
ISBN-10 4-431-45977-4 Springer Tokyo Berlin Heidelberg New York ISBN-13 978-4-431-45977-4 Springer Tokyo Berlin Heidelberg New York Library of Congress Control Number: 2006935369 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in other ways, and storage in data banks. The use of registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Springer is a part of Springer Science+Business Media springer.com © Springer 2007 Printed in Japan Typesetting: SNP Best-set Typesetter Ltd., Hong Kong Printing and binding: Shinano Inc., Japan Printed on acid-free paper
Preface
This book is published in celebration of the 100th anniversary of the Faculty of Economics of Chuo University. The Faculty of Economics of Chuo University in Tokyo, Japan, was founded in 1905. Since the beginning of the twentieth century, it has helped educate many brilliant students who have had an influence throughout the world. This faculty has worked not only as a pathfinder in the field of economics but also as a compass that indicates the directions of various movements in our society. To mark the auspicious occasion of the 100th anniversary, the academic committee, organized by the faculty and assisted by overseas academic partners as well as staff of Chuo University, launched a small but important international conference to contribute to the development of economics. The conference aimed to enrich the respective disciplines of the economics of time (dynamic economics) and the economics of space (spatial economics) and to expand their applicability in the real world. The conference, the Chuo Meeting on Economics of Time and Space 2005 (Chuo METS 05), was held at Chuo University August 29–30, 2005. Most of the chapters in this book, all of which were refereed by the editors, are based on papers presented at that conference. It is the hope of the committee that this book will play a role in providing scholars and experts with new ideas with regard to time and space in economics, and that it will help build a foundation for developing a frontier of economics as we stand at the beginning of the twenty-first century. Part I, “Economics of Time: Keynesian Macrodynamics,” is a collection of five chapters on macroeconomic dynamics in the Keynesian tradition, which allows for the existence of involuntary unemployment. Chapter 1, “A Sophisticatedly Simple Alternative to the New-K
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