“The market economy has the function of attracting human resources and capital to highly productive industries and companies through metabolism.”
This is a common theme when the topic of economy comes up. It is often followed by, “In Japan, dynamic movement of human resources and capital is difficult, and low-productivity industries and companies are preserved. That is the problem.”
Some point out that the reason why the government has not been able to achieve its 2% inflation target despite more than 10 years of unprecedented monetary easing is that the low productivity of the Japanese economy is the cause.
It is true that high productivity is better than low productivity. However, in a mature society, highly productive industries and companies are naturally limited, and if you ask whether low-productivity industries and companies are unnecessary, the opposite is true, and there are many cases where they are responsible for work that is essential to maintaining society.
The large-scale road collapse in Yashio City, Saitama Prefecture, is said to have been caused by a broken sewer pipe, which allowed soil and sand to seep in through the cracks and create a cavity in the ground.
The break in the sewer pipe is said to be due to multiple factors, but aging is probably one factor.
The deterioration of social infrastructure is a major issue, and if things continue as they are, accidents like the one that occurred in Yashio City will become more frequent all over the country. There is no time to waste in addressing the deterioration of social infrastructure in order to protect people’s lives.
However, currently, the work of maintaining and operating social infrastructure is not necessarily considered to be highly productive. According to so-called market principles, it could be considered a target for renewal. However, it is an essential and important job in order to maintain society and protect people’s lives.
When considering the economy today, surely what is needed is not the level of productivity, but an awareness and pursuit of what kind of living environment we want? Is the current theory of the market economy really suitable for a mature society? I believe that a new theory suitable for a mature society is needed. (Kei Kitajima)

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