1  BIS Review 56/2000  Overall, the outlook for price stability will be affected by several factors, which will need to be monitored carefully. First, strong monetary growth and ample liquidity conditions call for continuous monitoring.
As our ability to measure economic growth improved, and it became clear that growth in output far exceeded growth in labour and (physical) capital, human capital – the growth and transfer of knowledge in society – came to be seen as an additional important factor of production. Increasing interest in ecological and climate-related issues during the 1970s saw the emergence of another, natural capital.