The bulk of the fiscal impulse created by the government’s response to the COVID-19 pandemic is now behind us (see figure 6). Treasury’s current outlook suggests that fiscal policy is expected to be less stimulatory on aggregate over coming years and, as such, add less to the economy’s aggregate demand.
Our modern electronic devices work according to the laws of quantum mechanics, which were laid out in the 1920s by Erwin Schrodinger, Werner Heisenberg, and Paul Dirac; they postulated that at the subatomic level the world did not obey the centuries-old Newtonian views of how the forces of the universe function.