1 0. Economists are now more aware of the limitations of monetary and fiscal policies than they were during the 1 960s. Economists involved in the research of traditional macroproblems are increasingly

(a) emphasizing the importance of microincentives

(relative price incentives) ,

(b) paying more heed to aggregate supply as well as demand, and

(c) focusing on the long-term implications of policy alternatives. As a result, the separation between micro- and macroeconomics has been substantially reduced.