The Competitiveness of Nations in a Global Knowledge-Based Economy

Tetsunori Koisumi


Journal of Cultural Economics, 3 (2)

December 1979,75-88.





The Psychology of Japanese Religion

The Economics of Japanese Religion





We all realize that man does not live by bread alone.  Yet economists have thus far dealt almost exclusively with man’s bread and-butter problems, leaving his ‘other’ problems to other researchers - anthropologists, psychologists, sociologists, theologians.  This neglect of man’s spiritual life by economists is not only regrettable but unjustifiable since religion touches on many aspects of man’s life, including his material dealings.

There are several ways in which religion influences man and his economic activities. [1]  Firstly, religion influences the formation of man’s tastes.  In cases where religion prohibits the consumption of certain commodities, man is never given an opportunity to develop his taste for these commodities.  At the aggregate level, religion thus influences what commodities are to be produced.  Secondly, religion - and the ethical and moral code that goes with it – may restrict certain productive activities, thereby influencing how commodities are produced.  Thirdly and most importantly, religion molds the mind of man, and therefore affects the manner in which he conducts his economic activities.  And the minds of men, embodied in the form of human capital, influence the performance of the aggregate economy.

The purpose of this paper is to examine what religion means to the Japanese in their economic activities.  Japanese religion, because of its this-worldly orientation, contains many useful clues to the understanding of this question.  The more general question of what religion means to the Japanese is first discussed in the second section, where the psychology of Japanese religion is interpreted in Jungian terms. [2]  This is followed by a discussion of economic implications in the third section, where the nature of demand for religion and the manner in which the suppliers of religion operate in the Japanese religious market are analyzed.  The main theses developed in the paper are summarized in the fourth section.


The Psychology of Japanese Religion

Statistics contain two conflicting portrayals of the Japanese regarding their


religious inclinations.  Some statistics point to the irreligious aspect of the Japanese.  Although exact figures vary from one survey to another, it is well established by now that about two thirds of the adult population belong to no particular religious sect and show no ‘apparent’ interest in religion.  On the other hand, there are over two hundred thousand active religious organizations, with the total number of Japanese supposedly affiliated with these organizations exceeding the total population by almost sixty percent. [3]

This seeming contradiction, in fact, symbolizes the peculiarity of Japanese religion.  Philosophers of religion have attempted to define religion variously as a deeply revelational experience, as a peculiar function of the rational mind of man, or as an endeavor to seek meaning in the relationship between man and God. [4]  Any one of these definitions, however, fails to capture the spirit of Japanese religion in toto.  The Existentialists perhaps come closest to grasping the religious motivation of the Japanese in that they treat human existence in its immediate experience of anxiety, loneliness, and meaninglessness.  But again, to develop a whole philosophy of Japanese religion based on this premise would be carrying the analysis a bit too far.

For the Japanese, religion is not a question so much of metaphysics as of a way of conducting their daily lives.  The need for religion stems from the realization that individual man with his ignorance and imperfections, is not always able to find rational solutions to the many complex problems he encounters in daily life.  Thus, the religious attitude of the Japanese is typically revealed in their unconscious and irrational responses to events in their daily lives, in the spontaneous and unquestioning observance of their traditional customs and values.  The reason the Japanese behave the way they do in most cases is so deeply rooted in their cultural heritage that it would be meaningless to speak of Japanese religion independently of Japanese culture which has fostered and molded the Japanese mind.  And herein lies the need to develop a concept of Japanese religion particularly suited to accommodate the diversity of religious activities that minors the diversity of cultural activities.

What the Japanese seek in religion is mostly a sense of comfort and security in which to conduct their daily lives.  And if the Japanese were motivated by a desire for a sense of comfort and security in the management of this-worldly affairs, Japanese religion would naturally exhibit a strongly secular orientation.  That this is indeed the case is supported not only by the nature of religious activities practiced by the Japanese but also by the


historical development of Japanese religion. [5]

Japanese religion was, in fact, secular from the very beginning.  Early Shinto, the only indigenous religion, grew out of an unorganized complex of popular cults and beliefs.  There was no distinction between the State and the Church as the same term ‘matsurigoto’ was used to denote both governmental affairs and religious rites.  Moreover, Shinto theology which preaches the continuity of man and god (kami), encouraged various religious rites and ceremonies as a means of calling upon the spirits of the gods to serve this-worldly affairs of living souls.  In fact, a sense of communion and harmony with the gods that reside in man’s environment is the single most important element that has found its way into the common value system of the Japanese, contributing  to cultivate and foster the assimilative nature of Japanese culture.

Throughout the vicissitudes of the nation’s history the traditional heritage of Japanese culture has been preserved by constant assimilation of foreign and new elements.  This explains why numerous religious sects and diverse religious activities of foreign origin have survived to this day.  When a foreign culture was introduced, however, it was not accepted in its original and pure form but always in an amalgamated and diluted form.  That is, every foreign culture had to go through the process of ‘Japanization’ before it was accepted by the Japanese.

This was particularly true with the introduction of foreign religions.  Tolerance was the one essential ingredient of any religion likely to be accepted by the Japanese: no religion would survive in Japan if it intended to supplant others that are already accepted and practiced by the Japanese.  Thus Buddhism, since it was first introduced in the middle of the sixth century, has succeeded in capturing the Japanese mind mainly as a result of its flexibility in allowing a harmonious fusion of Shinto and Buddhism (shinbutsu shugo).  Also noteworthy were the efforts of such legendary figures as Honen, Shinran, Dogen and Nichiren in the Kamakura period who translated and transformed Buddhist teachings into simplified forms so that they were more readily acceptable to the Japanese.  Christianity also had to go through the process of Japanization before it was accepted by the Japanese - as is excellently described by Hearn. [6]

...Christianity had changed; and more than thirty different Christian sects were ready to compete for the honor of converting Japan.  Out of so large a variety of dogmas, representing the principal shades of both orthodoxy and


heterodoxy, Japan might certainly be able to choose a form of Christianity to her own taste!

The process of Japanization, since the Japanese expect from any religion a sense of comfort and security on which to base their daily lives, was, in fact, the process of secularization.  For example, major Shinto shrines and Buddhist temples attract many tourists today partly because they have been converted into museums that preserve holy paintings and statues.  And the contact with these religious symbols has been the most effective channel through which religious ideas have permeated the minds of the Japanese.  

In addition to these institutional religions - Shinto, Buddhism and Christianity - there are many religious customs and rituals in the form of festivals, rites of passage and ceremonies of exorcism observed by the Japanese.  These customs and rituals constitute folk religion, the vast conglomerate of value elements from Shinto, Buddhism, Taoism, Confucianism and other ethical and religious systems.  Although lacking systematic doctrine or definite organization, folk religion also exerts a strong influence on the Japanese mind, serving an important function in transmitting the spirit of Japanese religion from generation to generation.

Granted that what the Japanese seek in religion is a sense of comfort and security for daily living, how do they actually manage to find that comfort and security?  And why and where do they develop their need for religion in the first place?  Answers to these questions hold keys to understanding the psychology of Japanese religion.

Some Japanese find their comfort and security by simply belonging to established religious sects; others, who profess themselves to be irreligious, seek theirs by unknowingly engaging in various religious activities.  Whether or not they proclaim their faith, the Japanese in their religious activities are searching for values to fit their daily needs. And it is important to note that their search is not guided by rational will but by inner need, for the desire for comfort and security is something that lurks in the unconscious realm of the human mind.  Consequently, religion for the representative Japanese can be defined as the subjective value system of his Self, in the Jungian sense. [7]

One immediate difficulty of identifying religion with subjective value systems is that there are likely to be as many religions as there are individuals in the society.  This difficulty can be resolved by noting that the Self is buried in the realm of man’s unconscious psyche which extends far beyond the repressed memories of his immediate personal experience and into the common psychological heritage of a society, of a nation or, for that matter,


of all human beings.  Moreover, man’s activities can be classified into definite patterns as they follow the primordial patterns of ideas given a priori from the Self that resides in this indefinitely extended realm of unconsciousness.  Hence, any systematic regularity the members of a society exhibit in their behavior can be formulated into the social character of their Self by delving into the contents of their social unconscious from which their Self derives its drift, drive and dynamism. [8]

In observance of traditional customs and values the common psychological inheritance of the Japanese is transmitted and retained, forming the social unconscious of the Japanese.  The common value elements thus assembled in the social unconscious of the Japanese then constitute the national religion of the Japanese, or simply Japanese religion.  And, since the contents of their common psychological inheritance are mostly couched in their cultural heritage, the character of Japanese religion naturally reflects that of Japanese culture, especially that of the traditional form of social organization in view of the psychological interaction between the individual and the society.

The religious activities of the Japanese typify the activities of mutually dependent members of a close-knit community.  Historically, the model of such a community is found in the traditional agricultural community.  This mode of social organization influenced the evolution of the Japanese mind in at least two ways.  In the first place, dependence of agriculture on external conditions, namely Nature, bred certain passive and submissive elements in the Japanese character.  In fact, the traditional form of Japanese religion, animism, was a product of agricultural Japan where people expressed simple awe towards natural forces and developed naive admiration for Nature’s productivity. [9]  Religious rites were thus performed to pray for fruitful harvest, and festivals held to express their gratitude after harvest.  Secondly, the agricultural mode of social organization was particularly suited to promote the sense of solidarity.  The agricultural community in Japan was organized around the family (i.e.), groups of related families (dozoku) and groups of neighboring households (kumi).  In addition to farming itself which required joint efforts, religious rites and festivals were also observed jointly by the members of the community to promote the sense of solidarity.  What rites and festivals were to be performed, and when, were determined by the elderly members of the community in reverence for the wisdom that they had acquired from their experience.

Put in this light, it is easy to see that Japanese religion is typical of the religion that develops in a basically agricultural community where most daily


work is more or less routinely carried out jointly by its members.  The Self in such a community tends to be passive and conservative, finding its comfort and security by routinely accepting the inherited wisdom in observance of traditional customs and values.  And in view of this basic character of the Self, the religious activities of the Japanese can indeed be fit into an archetype in the Jungian sense.

The best way to search for an archetype is to examine under what circumstances the Japanese develop and reveal their demand for religion (and for associated religious products and services).  For an archetype is nothing but a form or an idea that represents a certain type of perception man develops as a result of countless repetition of similar and related events.  As the Japanese go through a typical religious experience that their ancestors have repeatedly gone through from generation to generation, a definite archetype is projected from their Self, thrusting through the threshold of their consciousness.-

The most predominant form of demand for religious (and therefore associated religious products and services) is generated through the observance of traditional customs as is represented by the custom of visiting Shinto shrines on New Year’s Day.  Some types of religious faith are translated into the demand for amulets which constitute tangible religious products.  For example, the natural wish of any individual to lead a healthy life is converted into the demand for amulets presumed to be efficacious against diseases and epidemics. [10]  The amulet for safe delivery is also an example of this type of demand.

New demand for amulets is generated when the Japanese are confronted with new problems in their daily lives.  The fact that Japanese students must go through an extremely severe selection process before they are admitted to colleges is now well publicized.  The process is getting so severe and tortuous that the popularly used epithet, the ‘entrance examination hell’, is barely an exaggeration.  And where there is hell there is room for divine help.  The severity of the race has stimulated demand for amulets which are supposed to bring about the best result in examinations.  Demand for amulets for traffic safety can also be interpreted as having been triggered by the need to cope with a new problem - in this case, ‘traffic hell’.

Demand for religious services is, again, mostly generated through the observance of traditional customs.  Whenever the frame of a new house or the foundation of a new building is completed, a Shinto priest is called upon to give an invocation, independently of the religious persuasion of the


prospective occupant.  By the same token, Shinto priests perform ceremonies for harvest because one of the primary concerns of early Shinto was fertility.  Buddhist monks and Christian priests also perform various ceremonial functions - wedding and funeral ceremonies among others.  Folk religion is full of ceremonies and festivals intended to celebrate the rites of passage which also require religious services by monks and priests. [11]

Now, what is the critical perception that is translated by the Japanese into the demand for religious products and services in these examples?  What is the archetype that is projected by their Self into the demand for religion, thrusting through the unconscious veil of their cultural heritage?  The unquestioning observance of traditional religious rites and the spontaneous purchase of amulets by the Japanese can be interpreted as the archetypal responses of the member of a close-knit agricultural community discussed above, for what is embodied in the demand for religion is essentially the idea of following the inherited wisdom of the community.  As the same custom is repeatedly observed, the idea is ingrained into the social unconscious of the Japanese and is translated into the demand for religious products and services.  The symbol by which the idea is represented is that of the ‘grand family’ in the traditional agricultural community consisting of the family, groups of related families and groups of neighboring households.

Note the ‘grand family’ can be regarded as a variation of the ‘Great Mother’ archetype of the collective unconscious.  In fact, the assimilative character of Japanese culture is best explained by the all engulfing aspect of the “Great Mother”.  And the value elements that characterize the traditional community - respect for the wisdom that transcends reason, equal treatment of its members, overriding concern for fertility and growth - are the positive qualities associated with the ‘Great Mother’.  The original model of the ‘Great Mother’ in Japan is, of course, the Sun-goddess, Amaterasu Ohmikami.  There are however, many variations of the ‘Great Mother’ archetype; anything that arouses devotion or feeling of awe serves its purpose.  Thus the ‘grand family’ is indeed a variation of the ‘Great Mother’ archetype by which Japanese culture can be symbolized.  And this is the precise sense in which we can speak of Japanese religion as a culture-oriented religion or, better still, a culture-bound religion.


The Economics of Japanese Religion

If the religion of the individual Japanese is the subjective value system of his Self, how is this value system different from the individual’s preference ordering or utility function which economists employ in the theory of


consumer behavior?  The only difference is that while the consumer’s preference refers to the ranking of alternative choices by the conscious mind, the individual Japanese’s value system refers to the ranking taking place in the unconscious mind.  This difference, however, has far reaching implications as far as the theory of demand is concerned.  For the choice of religious products and services by the Japanese represents an irrational choice in the sense that the ranking reflects the will of his unconscious Self.  This point needs further discussion.

To put the question in a slightly different manner, how could we explain the demand for religious products and services in the context of the whole demand system?  To be more specific, do the demands for religious products and services enter the consumer’s demand functions as substitutes for other (and more modem) products? [12]  Thus, is the buying of an amulet against a disease a substitute for consulting a physician or for taking a medication?  And the buying of an amulet against a disaster a substitute for buying insurance?  What about an amulet for academic improvement?  And an amulet for traffic safety?

If demands for these amulets had been derived from rational consumer behavior, their budget shares would have declined over the years and some would have completely disappeared from the life of the Japanese.  After all, the Japanese, in his rational mind, would readily question the efficacy of these amulets and turn to their more modem substitutes - physicians’ services, medications, insurance, books, tutorial services.  The fact that these amulets are still purchased along with modern products spontaneously and unquestioningly by the Japanese suggests that these demands are derived not by conscious and rational choice but rather by the unconscious will reflecting the value system of their Self.  Amulets are purchased along with modem products just because they give the Japanese ~comfort and security in their unconscious minds. In terms of the value system, or utility function, of their Self, an amulet against a disease and medication, for example, are perceived as complements in the sense of Edgeworth and Pareto: utility derived from their joint consumption is greater than the sum of utilities when the two products are separately consumed.

Needless to say, whether two commodities are substitutes or complements in the sense of Edgeworth and Pareto is completely independent of the utility maximizing behavior of the rational consumer.  Therefore, the fact that religious and modem products are jointly demanded as complements by the


Japanese does not imply that their behavior mirrors archetypal responses of economic man at the unconscious level.  In fact, their behavior hardly mimics that of economic man in view of the basic character of their Self as was discussed in the previous section.  The mode1 of economic man as guided by the two attributes of rationality and selfishness is not simply to be found in the contents of their social unconsciousness.  Rather, the choice of particular religious products and services reflects the wisdom of the community as determined by the majority rule of the elderly members, if not by out right unanimity.  The preference ordering of the Japanese thus revealed, since majority rule lacks transitivity, is a notable example of an inconsistent, irrational choice.  Moreover, there is no room for selfishness on the part of individual members, for the choice reflects the inherited wisdom of the community and embodies unselfishness and concern for the benefit of the whole community.

If the demand for religion reflects the unconscious and irrational responses of the Japanese as the members of the ‘grand family’, the leaders of religious sects thrive on this irrationality as evidenced by the existence of over two hundred thousand religious sects and denominations.  We shall now look into the manner in which the demanders and suppliers of religion interact with each other in the Japanese religious market.

Any religious sect, like any firm in other industries, can be taken to be interested in the expansion of its customers.  However, the multitude of religious sects in the Japanese religious market makes it exceedingly difficult for any individual sect to be successful in expanding its market share, for any effort at expansion by one sect is effectively checked by similar efforts by others.  As a result, the Japanese religious market is highly competitive and is uniquely suit for the exercise of consumer sovereignty in the choice among different re1igious products and services.

In fact, the freedom with which the Japanese choose among different religious products and services is truly remarkable.  This explains why over five million copies of the Bible are sold annually whereas the baptized Christians count only one million, less than one percent of the population.  And these Christians find nothing contradictory to their faith when they visit Shinto shrines on New Year’s Day.  This also explains why the same family, who celebrated their daughter’s wedding in a Shinto ceremony, goes to a Buddhist priest to mourn a death in the family. [13]  And, in choosing among different amulets, it is not at all necessary to belong to a certain sect in order to bask in the holy benefits of the amulets it issues.  Consequently, the


Japanese exercise the same degree of freedom in choosing among different brands of amulets as among different brands of other commodities - with one difference.  Although freedom of choice does exist, the ranking scheme the Japanese employ in choosing among different religious products and services is not one of the rational consumer, but one which is easily influenced by family tradition or by friendly persuasion as demand for religion stems from their Self in search of spiritual home where they can find comfort and security in the conduct of their daily lives. And the Japanese have always found their comfort and security by projecting their Self into the ‘grand family’, be it an agricultural community, a business company or a religious sect.

As far as the supplier is concerned, an individual sect naturally benefits from and is therefore interested in the expansion of its followers.  Hence, any religious sect would grab at every opportunity to expand its market share.  For example, a sect may try to capture a bigger share of the market by issuing different brands of amulets and/or by engaging in many religious and other related activities. [14]  However, any tendency towards monopoly control of the market is effectively checked, in part, by the large number of rivals that exists in the industry and, in part, by the appetite for variety by the consumers.  Whit has emerged is a highly competitive religious industry, resembling the state of monopolistic competition when a large number of firms produce similar , but slightly differentiated  products.  Indeed, it is a tribute to the founder of economics to see this state of affairs realized in the ‘land of the gods’ in the Far East, for it was Adam Smith who foresaw - quite appropriately in this instance - the work of the Invisible Hand in the religious market: [15]

...if policies had never called in the aid of religion, had the conquering party never adopted the tenets of one sect more than those of another, when it had gained the victory, it would probably have dealt equally and impartially with all the different sects, and have allowed every man to choose his own priest and his own religion as he thought proper.  There would in this case, no doubt, have been a great multitude of religious sects... .The interested and active zeal of religious teachers can be dangerous and troublesome


only where there is, either but one sect tolerated in the society, or where the whole of a large society is divided into two or three great sects; the teachers of each acting by concert and under a regular discipline and subordination.  But that deal must be altogether innocent where the society is divided into two or three hundred, or perhaps into as many thousand small sects, of which no one could be considerable enough to disturb the public tranquillity.

And what about the public tranquility in the society divided into over two hundred thousand small sects and denominations?  No wonder the Japanese find their tranquility - their comfort and security - surrounded by so many sects and denominations, choosing whatever shade of faith and whatever type of service the occasion dictates.  But their choice is made not by the rational Ego, but by the irrational Self that resides deep in the realm of unconsciousness.  The Japanese engage in religious activities spontaneously and unwittingly, constantly exposed to religious symbols when they visit, as tourists, shrines and temples and participate in ceremonies and festivities in observance of the ‘grand family’ tradition.  And these are indeed the ways and means by which the gods – eight million of them, at least as Shintoists preach to us – wield their steady influence on the minds of the Japanese.



At the outset we posed the question: What does religion mean to the Japanese in their economic activities?  For one thing, the arguments in the preceding pages point to the irrationality of the Japanese in their demand for religious products and services - irrational in the sense that their behavior is dictated by their unconscious Self.  And, as Japanese religion influences the minds of the Japanese, their economic activities would naturally embody elements of irrationality.  This implies that the demand for secular products and services, to the extent that their choice is steered by their unconscious Self, can also be explained in terms of the ‘grand family’ archetype.  Moreover, the this-worldly orientation of Japanese religion implies that the attainment of economic objectives can be very easily converted into religious commitment.  If this is the case, the source of vigor and vitality the Japanese exhibit in their economic activities may be traced to the irrational drive of their unconscious Self rather than to the rational calculation of their conscious Ego.

The ‘grand family’ archetype, while it may not provide quantitative


information, also explains why the Japanese behave the way they do in many other economic activities.  The loyalty of Japanese workers to their companies is easily understood if we note that the company is serving the function of the ‘grand family’ for the workers.  It also explains why the company union is more prevalent than the craft union on the Japanese labor scene.  The vertical integration of industries around a financial clan ‘zaibatsu’ also fits into the ‘grand family’ archetype.  All these examples, interpreted in terms of the psychology of Japanese religion, illustrate the extent to which Japanese religion influences the minds of the Japanese in their economic activities.

Freud saw religion as an illusion which will tend to lose its hold on the minds of men with the advancement of science and technology.  Needless to say, his prediction was based on his belief in the proper development of the rational Ego.  However, in a society where proper Ego development is hampered for one reason or another, man will continue to seek religion because his unconscious Self is always in need of spiritual comfort and security.  And even in a society where the rational Ego is allowed to develop to the full, man will also continue to seek religion.  For man, in such a society, will suffer from the discord of his conscious Ego and his unconscious Self in his constant effort to find solutions to the many complex problems he encounters in his life.

So the Japanese, regardless of where they stand in terms of their Ego development, seek religion - and will continue to do so.  For religion, for the Japanese, is an indispensable defense mechanism of their unconscious Self.  Whenever their Self feels the burden of a critical situation or whenever their Ego is frustrated by the inability to find solutions to many complex problems with logic and reason, their anxiety, triggering this defense mechanism, is projected into the demand for religion - spontaneously and unwittingly.

Ohio State University


1.      See Boulding for an illuminating and more extensive discussion of the relation between religion and economics.

2.      For a general discussion of the psychology of religion, see Jung, “Psychology and Religion,” Collected Works, vol.11.

3.      The Institute of Statistical Survey reports, based on a random sampling of the adult population conducted in 1958, that 33 million Japanese answered in the negative when asked if they belong to any religious sect.  This comprises 66 percent of the adult population of 51 million at the time.  For this and other statistical data on Japanese religion, see Agency of Cultural Affairs, Japanese Religion.


4.      See, for example, Tillich.

5.      For the history of Japanese religion, see Anesaki.

6.      Hearn, L., Out of the East, Boston: Houghton Mifflin, 1973, p. 160.

7.      For an extensive discussion of the concept of the Self, see Jung, “The Archetypes of the Collective Unconscious,” Collected Works, vol. 9, 1.

8.      This point is more fully discussed in Koizumi (1978) in the context of consumer behavior.

9.      Animism still influences the Japanese mind as the underlying theme of Japanese religion.  For economic implications of animism in modern, industrialized Japan, see Koizumi (1977).

10.    Shrines and temples that issue these amulets are scattered all over Japan.  Suitengu in Tokyo is noted for its amulets for safe delivery and Is hi kin in Osaka for its amulets for various diseases.  Tenmangu, where the spirit of Michizane Sugawara whom the Japanese regard as the god in literature is enshrined, is noted for its efficacious amulets for academic improvement.  Its head shrine is located in Dazaifu, with major branches at Bofu and Kamedo.  And Narita Shrine is most famous for its efficacious amulets for traffic safety.

11.    For specific examples of rites of passage and ceremonies of folk religion, see the chapter on Folk Religion in Japanese Religion.

12.    Here we are using the concept of substitutes in the Hicks-Allen sense.  For different concepts of substitutes and complements in demand theory, see Samuelson.

13.    It is interesting to note how the character of religions influences the kind of religious services the Japanese expect from them.  Shinto, because of its this-worldly orientation and the man-god continuity theme, is most popular in wedding and other initiation ceremonies.  Whereas Buddhism, with its world-negation and transcendence, is demanded in funeral ceremonies.

14.     The diversity of activities is particularly conspicuous among new religions.  In addition to running a publishing house which most of them do, some sects - the P.L. sect, for example manage hospitals and golf courses, sponsor research foundations, run dance studios, and put up firework displays.

15.     Smith, Book V, Chapter I, Article 3d.



Agency of Cultural Affairs, Ministry of Education, Japanese Religion, Tokyo:Kodansha, 1972.

Anesaki, M. History of Japanese Religion, Tokyo: Charles E. Tuttle, 1963.


Boulding, K.E. Beyond Economics: Essays on Society, Religion and Ethics, Ann Arbor: University of Michigan Press, 2nd ed. 1970.

Freud, S. The Future of an illusion, London: Hogarth Press, 1928.

Jung, C.G. Collected Works, 2nd ed. Princeton: Princeton University Press, 1967-1974.

Koizumi, T. “Economics As A Study of Man” Otemon Economic Studies, XI, 1978.

Koizumi, T. “Traditional Japanese Religion and the Notion of Economic Man,” Journal of Cultural Economics, I, December 1977, pp. 35-46.

Samuelson, P.A. “Complementarity: An Essay on the 40th Anniversary of the Hicks-Allen Revolution in Demand Theory,” Journal of Economic Literature, December 1974, pp. 1255-1289.

Smith, A. The Wealth of Nations, New York: Modern Library, 1937.

Tillich, P. What is Religion?, New York: Harper and Row, 1969.


An earlier version of the paper was presented at the Meeting of the Association for Cultural Economics in Chicago, Illinois, April 1978.  The author would like to acknowledge Professor Ray Cohn and an anonymous referee of this Journal for their useful comments and Susan Wolf for her editorial assistance.


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