In the 1980’s, Japan’s annual GDP growth averaged 4.5％; since the early 1990’s, the economy has been virtually stagnant, averaging barely 1% annual growth. In the 1990’s, Japan’s government, grossly misjudging the sources of the economy’s difficulties, vastly increased government expenditures on public works, but ignored supply-side adjustments.
20世纪80年代，日本的年均GDP 增长为4.5%，从20世纪90年代开始，经济几乎陷入停滞，年均增长率只有区区1%。 20世纪90年代，日本政府对经济困难原因的判断出现严重失误，并由此大幅增加用于公共建设的政府开支，却忽略了在供应领域采取改革措施。