Since then, there has been a growing awareness that the supply side plays a predominant role, where investment is a guarantee of a sufficiently high and modern capital stock and is a prerequisite for growth. In the 1980s and 1990s the focus has again shifted somewhat in Europe.
Given the high level of unemployment, the question now concerns not only the link between investment and growth but also that between investment and the demand for labour. Of course the link between investment or the capital stock, on the one hand, and employment, on the other, is complex. Substitutability must be taken into account, as does complementarity.