Here in the United States, there were always three arrows to “hysteresis”—to the argument that the failure to adopt policies that properly fought the downturn of 2008-2009 in an aggressive manner to restore full employment rapidly did not just temporary but permanent damage to the economy’s productive potential. A long period of very slack demand: … Continue reading I Am Heartened by the Improvement in the Prime-Age Employment Rate. Now Let Us Let It Continue Rather than Stopping It…