Yoshiro Miwa asks whether a state can correct market failures and in particular critically analyses the performance of the Japanese economy as a result of state intervention within it. In order to examine the capacity of the state to promote growth, Miwa examines the Japanese machine tool industry, the government's role in promoting this sector and government efforts to achieve growth in small and medium sized enterprises in Japan.
Yoshiro Miwa is Professor of Economics at the University of Tokyo, Japan.
"A powerful and worthy parallel to the work of Nobel Prize winner George Stigler." -Leslie Hannah, University of Tokyo