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As loans became costlier to obtain from informal credit markets and tube well irrigation led to unsustainable and costly groundwater exploitation, the agricultural growth process ran into constraints.
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But America finds itself struggling to attain a rapid recovery because policy has run into constraints that pop up again and again in the historical record.
"We're going to run into constraints in terms of space availability, water availability — particularly fresh water — and also environmental impacts and supply of feed," Mr. Cochrane said.
Did you run into constraints on the Glass platform?
If we did manage to rev up the economy, the biggest concern would be how far we could go before we ran into capacity constraints and a serious shortage of workers.
Of course, technological possibilities can run into budget constraints.
Demand for labor across China is already running into supply constraints.
Mr Bernanke mentions and dismisses arguments that this would violate legal restrictions or run into political constraints.
It's not that I think that we're making bad policy judgments, I think we are running into resource constraints.
Inflation has been creeping up in the US, and there is a risk that the economy will run into capacity constraints once the tax cuts and spending increases kick in.
As I noted a few weeks ago, this policy move was the opposite of what most economics textbooks would recommend, partly because it raised the risk of the economy running into capacity constraints.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com