Research Philosophy, Approach and Strategy
The research aims in evaluating the economic growth of Japan from year 2008 to year 2018 and the factors that affect the economic growth of Japan. The leading factors behind the economic growth in these 10 years will be evaluated in the research project. The term economic growth can be described as a rise in amount of different services and goods that are produced in comparison to the total population of the country. Thus, a huge increase in the inflation-adjusted and market value of services and goods that relates to the economy of the country is to be evaluated in order understand the economic growth of Japan from the year 2008 to 2018 (Maddison 2013). The measurement of the economic growth of the country is associated with understanding of the correlation among the factors that helps in contributing to the country’s economic growth. The economic growth is associated with the increase in the economic environment capacity that is related to production of goods and other services.
The economy of Japan has experienced a period of a very rapid economic growth in 1950-1973. Followed by that, there is a partial slow down in the rate of growth up to the end of 1980s leading to a severe crisis in the last two decades. However, there has been a significant growth in economic condition from year 2008 to year 2018 (Lewis 2013).The research study will evaluate the range of economic growth in this time span and the factors that contributed to the economic growth. The research project will analyze the source of major economic growth in Japan. The productivity improvement and the economic growth of Japan will be evaluated in this research project.
Research Aim: The research aims in understanding economic growth of JAPAN, for a span of ten years, from the year 2008 to 2018. The objectives identified for the research study is evaluated below-
Research Objectives
The research objectives that are identified are as follows
- To identify the factors contributing to the economic growth of Japan in 2008 to 2018
- To analyze the GDP of Japan
- To predict the economic growth in Japan in future years
- To evaluate factors behind the stable economic growth of Japan
- To recommend factors that can further improve the economy of Japan
The primary research question identified for the research is as follows-
How has Japan shown economic growth from the year 2008 to year 2018?
On basis of the research objectives and the research appraoch, answer to the identified research question will be obtained. Collection of both primary and secondary data will help in finding answers to the identified research question.
The research aims in identifying the economic growth of Japan from 2008 to 2018. There are certain issues that contribute to the economic growth of Japan. In order to understand the economic growth of Japan, the economy of Japan is researched. Japan mainly has a highly developed and market oriented economy (Hsueh, Hu and Tu 2013). It has been observed that Japan could maintain its position as the second largest economy in the world from the year 1978 to the year 2010 (Coale and Hoover 2015). Although the gross domestic product of GDP in Japan is completely stagnated in the third quarter of 2018, the country has observed a stable economic growth from the year 2008 to 2018. The research purpose is to research further on the economic growth of Japan in continuation to the previous researches that has been done in this field (Fernald and Jones 2014). Japan has been showing a significant change in their economy and GDP in the last few years, and thus the research has been undertaken mainly for analyzing the economic growth of Japan from the year 2008 to year 2018 (Summers 2014). This proposal has been prepared in order to propose the tools and techniques that are needed for correct implementation of this research that relates to identification of the economic growth of Japan from year 2008 to 2018.
Data Collection and Analysis
In order to understand the economic growth of Japan, it is essential to identify the factors that contribute to the economic growth in Japan (Lockwood 2015). Planned capital expenditure has always been an important spot in Japan’s economy.
An economic growth of a country can be described as an increase in the services and goods that are produced per head of the population in a set time perios (Gould 2013). The growth in economy is further associated with the increase or improvement in a inflation adjusted market value of goods and other services associated with the country’s economy that are obtained by the economy of a country over the time (Taylor, Bogdan and DeVault 2015). The economic growth of a country is therefore measured against the significant change in the GDP or gross domestic product on an annual basis (Panizza and Presbitero 2014). Thus, the growth of the economy of the country is generally obtained by its GDP and is driven by the four factors of production.
Economic growth is an important consideration of a country as it indicates the growth and overall economic output of a country (Boestel, Francks and Kim 2013). The main six factors that affect a country’s economic growth include the natural resources of the country, the physical capital or infrastructure, the population or labor, human capital, technological advancements and the law And order associated with a country (Kuznets 2016). There are certain factors that affect the economic growth of Japan (Moore and Diaz 2015). A number of researches has been undertaken in order to understand the different factors contributing to the growth of economy of a country.
The economic growth is associated with a significant improvement of the real GDP. The rate of the growth in economy is associated with the percentage increase in real GDP on an annual basis. The major factors include the demand side factors and the supply side factors (Ayres and Voudouris 2014). The economic growth of Japan is largely affected by the interest rate, consumer confidence, asset prices and value of exchange rate (Cecchetti and Kharroubi 2015). However, the main four factors that influence the economic growth within the country include the available land, investment in the human capital, investment in the physical capital and the entrepreneurship.
The GDP of Japan has contracted at a rate of 1.6% in the second quarter on an annual basis. The rapid industrialization is one of the major factors that contribute to the economic growth of Japan from 2008 to 2018 (Law and Singh 2014). Earlier in 1880s, Japan achieved sustained economic growth through industrialization. The economic growth of Japan is mainly associated with a large scale investment in manufacturing (Hanley and Yamamura 2015). Furthermore, the domestic investment in the industry proved to be a driving force behind the economic growth in Japanese output. Various researches have been conducted for analyzing the economic growth of Japan in the chosen period of economic growth. Accordingly, certain research questions are prepared for analyzing the objectives of this particular research. According to the research question, the economic growth of Japan from the year 2008 to 2018 will be analyzed. The objectives of the research relate to the identified topic of the research and will enable the researcher in carrying on with the final research.
Research Aims and Objectives
Apart from that, the sales economy and total productivity growth proved to be extremely important for the economic growth from the year 2008 to 2018.
The research framework is evaluated in the following picture-
Figure 1: Representing the Conceptual Framework
(Source: Created by author)
From the conceptual or theoritical framework in above figure, it can be concluded that the research will be evaluating the factors behind the economic growth in Japan, which are mainly technological advancements and rapid industrialization. Evaluation of these factors will help in easier identification of the economic growth of Japan from a period of 2008 to 2018.
A research mainly involves finding out things in a more systematic way. Research methodology can be described as a philosophical framework on which a research is based. The research methodology chapter describes the different research methods, research approaches and research design that can be utilized for conducting a research study. The research methodology chapter highlights the detailed research methods, approaches and the research framework suitable for the research. The research methodology chapter identifies the design of the research, data collection process, process of data analysis and associated ethical consideration related to research study. The research methodology of this research should be identified in such a way that the objectives of the research are fulfilled. The details about the research design, data collection method, method of data analysis and the timeline of the research is represented in the following sections.
The research design gives an idea of the research philosophy, research approach and the strategies that has been chosen for the research study. Research design is mainly divided into two groups which include exploratory and conclusive research design (Schwartz-Shea and Yanow 2013). The exploratory research design mainly aims in exploring the scientific aspect of the chosen research area while that of conclusive research design mainly specifies and verifies the selection course of action in the research project (Silverman 2016). The conclusive research is further divided into descriptive and casual research. For this study, a descriptive research design is proposed that will help the researcher in collection of data associated with the economic growth of Japan in the year 2008 to 2018 (Panneerselvam 2014). The research philosophy and the research approach are discussed in the sub sections that follows.
The research philosophy associated with a research deals with knowledge creation in a research project. The research philosophies associated with a scientific research project include positivism, realism, intepretivism and pragmatism research philosophy. The choice of the research philosophy that is proposed for the research study is largely impacted by various practical implications.
The positivism research philosophy involves highly structured and large samples in the research project that helps in both qualitative and quantitative data analysis (BNS and HV 2013). The realism research philosophy mainly deals with different research methods that are needed to fit with the subject matter. The pragmatism research philosophy on the other hand, deals with mixed or multiple research design. The interpretivism research philosophy includes small samples and in depth investigation of the qualitative data.
Literature Review
Since this research is related to analysis of both primary data and the secondary data, the positivism research philosophy is proposed for the research project. Furthermore, since the positivism research philosophy deals with a highly structured data, analysis of the research problems becomes easier.
The research approach associated with a scientific research is can be segregated into two types, which are inductive research and deductive research.
A deductive approach for the research is mainly associated with developing of a hypothesis related to existing theories. This helps in better designing of the research project and testing of hypothesis of the research (Bell, Bryman and Harley 2018). A research conducted with deductive approach can only be explained by means of research hypothesis. In deductive approach, an expected pattern is mainly tested against the observations so that a correct pattern is found within it. The main advantage of deductive approach is that there is a possibility of explaining causal relationship between the concepts and the variables of the research.
An inductive research approach on the other hand is associated with inductive reasoning that starts with observations and theories that are mainly proposed at the end of the research (Marczyk, DeMatteo and Festinger 2017). The inductive research approach mainly deals with various observation and development of the explanation theories. No research hypothesis is tested in inductive approach.
Since this research study does not involve testing of any hypothesis, an inductive research approach is chosen for the research project (Sekaran and Bougie 2016). The inductive research approach does not simply involve the use of theories but also deal with generation of meaningful data from the set of collected data. The inductive research method is therefore appropriate for this research.
In order to complete the research in an accurate manner, it is essential to identify the appropriate research strategy (Lewis 2015). The major research strategies that are used for academic researches include experiments, surveys and grounded theory (Bryman 2016). This particular research project will be collecting both primary and secondary data. The primary data for the research will be collected by conducting online surveys and secondary data will be collected from books, journals and previously published research papers.
The thesis will incorporate collection both primary and secondary data for research study. The primary data is mainly related to the collection of data directly from sources that has firsthand knowledge about the subject (Neuman 2013). The secondary data however involves the use of data from the sources that has been already established. The research will be collecting both primary and secondary data for the research.
Sampling can be described as specific principle that is mainly used for selecting appropriate members of the population that are involved with the research. There are mainly two different methods of sampling, which are probability sampling along with non probability sampling (Punch 2013). In the method of probability sampling, each member of a chosen population size is given a chance for participating in a survey while in non probability sampling, the group members of sampling are generally selected in a random manner and therefore not every member of a population has the chance for participating in the research (Hartas 2015). For this research project, the research sample will be chosen in a random manner and a probability sample is proposed.
Economic Growth
The target group for this research project includes those individual that are associated with the financial sector of Japan. A sample size of 50 is chosen for the online sure that will be conducted in this research.
There are two techniques of analyzing a research data, which are qualitative data analysis and quantitative data analysis (Berger 2015). The qualitative data analysis technique mainly involves the use of non numeric data such as data from formal interviews, videos and notes. The quantitative data involves statistical an analysis of the collected data (Brannen, 2017). This particular research involves both qualitative and quantitative data analysis. The quantitative data analysis expects to turn raw data into meaningful data through application of rational and critical thinking.
There are certain ethical issues that this research study needs to address. These ethical considerations are as follows-
Respect to the dignity of the research participants should be given a high priority. This ethical issue is related to this research as the researcher will be collecting primary data for this research where involvement of 50 research participants is necessary.
Privacy is another ethical issue that arises in the research. Since the researcher will be collecting primary data for analyzing the factors behind the economic growth of Japan, the privacy and the anonymity of the research participants are needed to be maintained.
Right to withdraw is given to the participants of the research. It is one major ethical issue associated with this research. No research participants will be forced to provide their views regarding the research topic and at any point of time, the research participants can withdraw their participation from the research.
The research is associated with certain validity and reliability issues. Since the data is associated with the collection of primary data, any issues with the collection of data from survey can result in validity and reliability issues associated with the project. Thus, for ensuring that the said research is valid and reliable, accurate data collection and data analysis will be ensured.
The resources that are required for this research project include primary data sources, sources of secondary data and the research participants.
The research study has certain limitations, which are as follows-
- One major limitation associated with this project is limitation of time and budget.
- Another research limitation includes the constricted sample size.
The timeline for the entire research is represented in the Gantt chart below-
Figure 1: Representing the research schedule
(Source: created by author using MS project)
References
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