Hysteresis Definition, Types & Examples
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Mark Setterfield delves into the concept of hysteresis to explore whether temporary economic shocks like the COVID-19 recession have lasting effects on the economy. Setterfield, Professor of Economics at the New School for Social Research, explores how such temporary events can have enduring effects on economic outcomes, distinguishing between temporary and extreme effects and their potential to cause permanent changes. He discusses both the demand and supply sides of the economy, questioning th
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