But we were saying more than this – we were saying that, even though it was longer, it still had not shown any of the imbalances that characterised the latter stages of earlier expansions: ·  although inflation of goods and services prices had risen, it was not by enough to threaten our medium-term objective;  ·  asset price inflation of either shares or property had not become a problem;  ·  wages growth remained moderate;  ·  there had not been excessive physical investment with its attendant risk of over-capacity; and  ·  the current account deficit was not high by the standards of the past 20 years, and falling quickly.
I concur with the Academy, of course: economics is indeed a science! Therefore, I will speak today not about the theme that appears in the conference program but rather about several results of economic research on the relationship between economic growth and science and technology.