A Forsterian summary might read: “The bubble burst, people became cautious and the economy got stuck in too low a gear to stop prices and interest rates from falling.”
—The Economist, in ‘The Japanification of bond markets’
Tag: Japan
Sustaining process knowledge – a Japanese take
Japan’s Ise Grand Shrine is an extraordinary example in that genre. Every 20 years, caretakers completely tear down the shrine and build it anew. The wooden shrine has been rebuilt again and again for 1,200 years. Locals want to make sure that they don’t ever forget the production knowledge that goes into constructing the shrine. There’s a very clear sense that the older generation wants to teach the building techniques to the younger generation: “I will leave these duties to you next time.”
—Dan Wang on ‘trying to hold on to process knowledge.’ in how technology grows
Use my marker 