structural:summarization
Policy interventions

"Supply-side pessimism" reflects a concern that productive capacity is lost when unused (e.g. during a recession), so that the economy loses the ability to recover aggregate supply when demand recovers. For example, unused factories are not kept in a state of readiness to be used when an economic upturn begins, or workers miss out on the skills and training which they would normally acquire whilst in work. Spencer Dale, a British economist who sat on the Bank of England 's Monetary Policy Committee between 2008 and 2014, took a pessimistic view of supply-side capabilities during the recession of 2012. Cambridge economist Bill Martin reported on productivity pessimism in 2012, noting that there was an established debate about whether there had been a permanent loss of productive capacity, which was reflected as a continuing level of "uncertainty... related to the prospects for labour productivity and effective supply" as the economy recovered in 2013.