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U.S. vs. Japan Economies - Assignment Example

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Bureau of Labor Statistics outlines that both U.S.A and Japan are two of the top three world’s largest economies. Both U.S.A and Japan have exploited resources that are directly…
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U.S. vs. Japan Economies
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U.S. vs. Japan Economies Affiliation: Economic growth is highly dependent on the decisions taken at every sector of the economy. Bureau of Labor Statistics outlines that both U.S.A and Japan are two of the top three world’s largest economies. Both U.S.A and Japan have exploited resources that are directly available to them and imported crucial resources available in other countries but critical to their economic needs. There are distinct differences in the types of resources utilized by both countries in growing and developing their economies (Katzner, 2008).
Labor market resources are employed in both countries, with the only difference emerging in the extent to which such resources are put to use. Unemployment in Japan surpasses that of United States, meaning that Japan does not match U.S.A in employing labor resources in her labor market. The labor market is fundamental in triggering economic growth through employment opportunities (Katzner, 2008). In this respect, both Japan and the United States utilize their relative human resources differently. On the same note, the human resources in Japan are subject to government control, while in the United States these resources function based on demand and supply forces.
Investment resources constitute another critical aspect that these two countries differ in their pursuit for economic growth. Major players in the U.S economy are private stakeholders. On the same note, both the public and private sectors coexist and complement each other in inducing economic growth (Katzner, 2008). In Japan, the government plays the primary role in mobilizing investment resources. Although the country has both private and public sectors, the private sector is relatively dominated by the public sector. In a nutshell, differences between the types of resources used by Japan and U.S.A to grow their economies are based on the source of mobilization and the positioning of human resources and the labor market in their relative economies.
Reference
Katzner, D. (2008). Culture and Economic Explanation: Economics in the US and Japan.
New York: Routledge. Read More
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