They often appeared to settle at an equilibrium in which significant segments of the workforce were unable to find jobs. In the place of Smith's laissez-faire approach arose the view that government action was required to restore full employment and to rectify what were seen as other deficiencies of market-driven outcomes.
Those who lost out were younger people who couldn’t afford expensive homes, as well as savers who had their money in interest-bearing accounts. For example, see Bridges and Thomas (2012), ‘The impact of QE on the UK economy – some supportive monetarist arithmetic’, Working Paper No. 442, available at https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2012/the-impact-of-qe-on-the-ukeconomy-some-supportive-monetaristarithmetic.pdf?la=en&hash=81412E5177BCE802F2D37ECF42D20144EEB9513D.