This work investigates whether real demand serves as the primary determinant of economic output by analyzing the historical performance of the Japanese economy. Hiroshi Yoshikawa, a prominent economist, challenges standard Walrasian and New Keynesian models by arguing that demand constraints persist in both the short and long term. He shifts the analytical focus away from nominal wage and price rigidities, proposing a framework that prioritizes real demand dynamics as the central driver of macroeconomic activity.

Economists and students of Japanese history frequently cite this text for its rigorous empirical backing and its departure from conventional New Keynesian orthodoxy. The book is recognized as a dense, data-heavy contribution that provides a distinct perspective on the structural mechanics of the Japanese market.