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kleinbl00 · 3089 days ago · link · · parent · post: Larry Summers: Advanced economies are so sick we need a new way to think about them
The rationalists mostly refer to "structural unemployment" and "cyclical unemployment" where cyclical unemployment is what comes and goes with recessions and seasons while structural unemployment means "that job is gone, bro." From a "hysteresis" standpoint, structural unemployment is those jobs that take a long damn time to come back in any form because they involve retraining at a bare minimum.