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In Japan, technology spillovers have been less successful in  the 1990s than they were in the 1980s. One apparent reason for this is a  decline in institutional flexibility - the ability of organizations to absorb  technology, transform human capital and adapt to changing global  conditions. Information and communication technology (ICT) has  become embedded in US business practice, but Japanese firms have yet  to absorb ICT or respond to human capital needs. This lack of flexibility has  had a significant negative impact on the vitality of the Japanese economy. Section 2 of this paper will demonstrate recent changes in Japan's institutional flexibility by contrasting technology spillovers of the 1970s and 80s with  those of the 1990s, linking this institutional flexibility with R&D  diversification and showing the negative impact on Total Factor Productivity  and GDP. This analysis was performed using data compiled by the Tokyo  Institute of Technology as well as data from recent surveys conducted by a  number of Japanese government offices and agencies. Section 2 will  also discuss Japan's ''dual economy'' by looking at key differences between  Small and Medium-sized Enterprises (SMEs) and Large Enterprises (LEs) in  terms of labour rigidity and ICT penetration. These differences are one  aspect of institutional flexibility. Section 3 starts by comparing the economic growth rates in Japan and the USA in  the second part of the 1980s and the first part of the 1990s. A comparison of  labour, capital, material and Total Factor Productivity indicates a decline  in flexibility in Japan and an increase in flexibility in the USA. Additionally, this reversal can be seen in technology,  labour and capital substitution. Section 4 discusses key changes in the US and Japanese organizational environments as they converge on different digital  platforms and implications for their respective institutions. Key questions  are raised regarding often over-simplified fundamental changes  purported in the USA. In this regard, the truly ''innovative'' nature of SMEs in the USA is questioned as institutional  rigidity in this sector grows. Section 5 summarizes final implications of this analysis and directs future work  towards questions arising from this study

Technology spillovers and economic vitality: an analysis of institutional flexibility in Japan with comparisons to the USA