Used to describe the economic policies (known as the ‘three arrows’) advocated by the current prime minister of Japan, Shinzo Abe.
Abe was elected in 2012 and has quickly implemented the ‘three arrows’ of Abenomics: fiscal stimulus, monetary easing and structural reforms. These policies have had some success in lifting Japan out of the economic quicksand it had found itself stuck in for over 20 years. The yen and the unemployment rate have fallen, while equity prices, inflation and economic growth are all up. Abenomics may provide a blueprint for European policymakers to follow in the not-too-distant future as central bankers attempt to deal with the deflationary forces of high unemployment, austerity and internal devaluation.
Of course this is not the first time a politician has been associated with a set of economic policies. Think ‘Thatcherism’ or ‘Reaganomics’. There has also been a huge trend of adding ‘nomics’ to just about any word – ‘freakonomics’, ‘soccernomics’, ‘frugalnomics’, ‘cybernomics’… the list goes on.