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Quick Eco Question (1 Viewer)
- Thread starter leshasha
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Hysteresis is the process whereby unemployment in the current period results in the persistence of unemployment in future periods as unemployed people can lose their skills, job contacts and motivation to work.
(Ref Dixon, 2013)
(Ref Dixon, 2013)
Study_like_a_nerd
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In simple terms I think of it like this:
If an individual stops training for a sport, they will lose their skills and thus lose the game. If they continually do not practice, their skills will continue to deteriorate to a point where they are not motivated to play the sport anymore. Similarly, when an individual is unemployed in a current period, it will lead to persistence unemployment and the individual will lose their skills, job contacts and motivation to work.
If an individual stops training for a sport, they will lose their skills and thus lose the game. If they continually do not practice, their skills will continue to deteriorate to a point where they are not motivated to play the sport anymore. Similarly, when an individual is unemployed in a current period, it will lead to persistence unemployment and the individual will lose their skills, job contacts and motivation to work.