Indeed, economists do not even agree on the economic theory or econometric methods that should be used to measure the level of maximum sustainable employment. This challenge would be less formidable if the structure of the U.S. economy remained fairly constant over a sufficiently long period of time.
3  BIS Review 50/2000  Because of this uncertainty, the Bank is taking a cautious approach to projecting a permanently higher rate of growth in our economy’s capacity to produce. But we certainly do not want to dismiss this possibility either.