neither policy is satisfactory and shifting back and forth betweeeen the two as we did may be the veryst policy of all. now, not all economists then or now would agree with this particular analysis but one thing is clear -- a great many economists who had previously looked only at the demand side of the economic equation now began thinking that perhaps the supply side could also use some attention. schoumacher: just as the stagflation of the 1970s saw weakrowth and strong inflation the period of the 1990s saw the reverse stro gwth, low unemployment, and low flation, a phomenon th had noteen seen in the uted states for many deces over the years the federal reserve came to assume that the economy could not experience prolonged growth ove 2 1/2% a yr without inciting inflation. and yet in the 1990sgrth was double that unemployme was a a 30-year low, d l without waking e sleeping giant of inatio what was extraordinary about the 1990s is that at the end of the long expansion -- expansion that's now over -- the inflation rate was as low as when it began. that is very uncharacteristic of expa