An economic downturn throws millions of people out of work. In some industries, workers who remain employed,
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An economic downturn throws millions of people out of work. In some industries, workers who remain employed, or “insiders,” continue to develop their skills, enabling them to push wages above the level at which less-skilled “outsiders” could be employed. What do you expect to happen to the equilibrium unemployment rate due to hysteresis? Explain your reasoning.
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Hysteresis refers to a phenomenon where an event leaves lasting effects on subsequent developments making it difficult for systems to return to their ...View the full answer
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Related Book For
Principles Of Economics
ISBN: 9781319330156,9781319419769
2nd Edition
Authors: Betsey Stevenson, Justin Wolfers
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