Hysteresis is the existence of long- run structural unemployment.

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Hysteresis refers to the phenomenon where a system's output depends not only on its current input but also on its history of past inputs. In economics, it often relates to the idea that high levels of unemployment can become entrenched and self-perpetuating due to factors like skill loss among the unemployed, but it is not defined as the existence of long-run structural unemployment itself.

Hysteresis Is the Existence of Long- Run Structural Unemployment