After a decade of turbo-charged growth, output will necessarily decelerate, as the labor force approaches full employment and inflation forces the hand of President Dilma Rousseff. (Read Brazil: A Bubble In Labor Markets?).

FORBES: A Soft Landing For Brazil As Output Slows And Growth Centers On Middle Class

Well, the answer to that depended largely on whether Q (real output) was pretty much maxed out, meaning running at or near full employment of labor and other resources, or whether there was significant slack in the economy that might be taken up by greater spending.

FORBES: QE2, Trade and Black Box Economics