The advent of that phase, it was argued, was the result of economic policies effectively oriented to macroeconomic stability, and in particular of monetary policies credibly directed to containing inflationary pressures and preserving the value of money. The result, ran the argument, was a stable, certain outlook, conditions propitious to private initiative and hence to economic growth.
This interpretation (based on “good policy”, the standard term used in the literature, as well as on the supposed effects of positive structural changes with the spread of new technologies) was disputed by other analysts.