Simon Kuznets once remarked that all world economies are either developed, underdeveloped, Argentina, or this country. Richard Koo’s research on this country led him to coin the term “balance-sheet recession,” in which private debt stifles economic growth. This country is the namesake of a measure that sums short-term interest rates, the output gap, and inflation. Edward Prescott co-authored a paper that blamed low total factor productivity and a shortening of the workweek for this country’s (*) “Lost Decade,” which began in 1990 and extended into a “Lost 30 Years.” A more conventional explanation of that decline focuses on the rapid aging of this country, which has the highest proportion of elderly citizens in the world. For 10 points, name this country which was led by a prime minister who championed “Abenomics.” [ah-bey-nomics] ■END■
ANSWER: Japan [or Nippon-koku or Nihon-koku]
<Social Science - Social Science>
= Average correct buzz position