The third report in the present series, this paper offers an analysis of important recent studies (from 1980 to the present) of Japanese economic policy and thought in the 1910's and 20's. The economy of Japan following WWI can be described particularly in terms of its emphases on scientific development and industrial production. However, this progress in industrial development led to the appearance of a widened gap between rich and poor, and one of the major issues concerning the economic thought of the time was how to improve the lot of the poorer levels of society, including workers, farmers and city dwellers. Research in the field of economics during the 1910's and 20's had as one of its focal points the attempt to alleviate this exaggerated difference between the haves and havenots. The economics of the Association for the Study of Social Policy attempted to reduce the gap between rich and poor through the implementation at a national level of specific social policies. The ineffectiveness of these policies, however, resulted in a lack of faith in the ability of the Association to do anything about the situation in a concrete way. The crumbling of the economic policies associated with this Association for the Study of Social Policy allowed for the appearance new approaches, such as the Neoclassical economics of Tokuzo Fukuda and the Marxist economics of Hajime Kawakami. The present study introduces the work of Kanae Iida and Kanji Kobayashi. Seeking an approach to the study of economics based on firmly-grounded economic theories, this paper presents and comments on the work of Kanae Iida, Mikio Nishioka, Takutoshi Inoue, Tamotsu Nishizawa, Hideomi Tanaka, who themselves each analyzed the ideas of Tokuzo Fukuda. It also introduces and comments on the work of Shiro Sugihara, who investigated the thought of Hajime Kawakami. This paper also presents the research of Kunio Yanagita, and comments on the ideas of Yoshiteru Iwamoto and Takashi Fujii, with a particular emphasis on the idea that a suitable ethical policy is critical to the success of any given economic policy. Finally, this paper reports a decline, dating from the 1980's to the present day, in the number of studies of particular economic questions and problems, accompanied by a corresponding increase in research on historical individuals. However, it suggests that the work of Aiko Ikeo and others seems to be slowly bringing about a return to a question-centered focus.