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potential for welfare gains from better long-run, supply-side policies exceeds
by far the potential from further improvements in short-run demand management.
Given the significant adverse impact that poor growth performance has on
economic welfare and the resultant importance attached to growth by economists,
it is perhaps surprising that the research effort in this field has been
cyclical. Although growth issues were a major concern of the classical economists,
during the period 18701945 economists research was heavily
influenced by the marginalist revolution and was therefore predominantly
micro-oriented, being directed towards issues relating to the efficient allocation
of given resources (Blaug, 1997). For a quarter of a century after 192933,
issues relating to the Great Depression and Keyness response to that event
dominated discussion in macroeconomics.