The United States And Japanese Economies - 1583 Words

A Leading Indicators Comparison of the United States and Japanese Economies The United States has for more than a century maintained the largest economy in the world. Japan, on the other hand, currently has the third largest economy in the world (according to some estimates) after realizing incredible growth since the damage and ruin it experienced during World War II (BBC, 2015). This essay compares and contrasts the current economies of the United States and Japan in terms of three leading economic indicators: real Gross Domestic Product (GDP), inflation, and unemployment. While some similarities exist between the two economies this comparison will highlight what the differences mean in terms of economic health for the two countries. Real GDP (Gross Domestic Product) One of the most comprehensive measurements of the health and well-being of a country’s economy is considered real GDP (AIAA, 2003). Real GDP is defined as the â€Å"value of the entire output produced annually within a country’s boundaries, adjusted for price changes† (Arnold, 2011, p. 145). According to the American Association of Individual Investors (AIAA), (2003), real GDP indicates â€Å"how fast [a country’s] profits may grow and the expected return on capital† (p. 14). A country’s actual GDP can increase or decrease due to changes in inflation, so since real GDP is adjusted for changes in price, it is a truer measurement for comparison purposes. To present an apples to apples comparison, this section willShow MoreRelatedEconomic Growth Of Post War Japan1361 Words   |  6 Pagesand reconstruct their economy. It is revealed that the Japanese economy was on its way to recovery, which received a rapid development since the war, and t he reconstruction of Japan had spent less than forty years to become the world’s second largest economy in the 1980s. 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