From Brad Delong's Blog: There is a lot in the economic press now about the lagging effects of structural changes in labor force patterns during and following the Great Recession (2007). Economists apply the term "hysteresis" -- the dependence of the state of a system on its history -- to this phenomenon.
The literature reveals rapid redefinitions of important terms like "unemployment", "natural rate of interest" (it went negative!), the manufacturing -- services distinctions and classifications, "human capital", "public goods", "intangibles", and more take. The debates and discussions reflect the mounting data detailing the multifaceted pressures of Globalization and automation at work in nearly every economic sphere.
Hysteresis: Some Fairly-Recent Must- and Should-Reads
-- via my feedly newsfeed