<P> In the United States, the Employment Act of 1946 set the goals of achieving full employment, full production, and stable prices . It also created the Council of Economic Advisers to provide objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues . In its first 7 years the CEA made five technical advances in policy making: </P> <Ol> <Li> The replacement of a "cyclical model" of the economy by a "growth model," </Li> <Li> The setting of quantitative targets for the economy, </Li> <Li> Use of the theories of fiscal drag and full - employment budget, </Li> <Li> Recognition of the need for greater flexibility in taxation, and </Li> <Li> Replacement of the notion of unemployment as a structural problem by a realization of low aggregate demand . </Li> </Ol> <Li> The replacement of a "cyclical model" of the economy by a "growth model," </Li> <Li> The setting of quantitative targets for the economy, </Li>

What factors contributed to economic boom after ww2 in western europe the us and japan