Car Czar Consulting says: Professor Joseph Stiglitz discusses the outlook for the U.S. economy below. Hysteresis – In economics, a situation or indicator that persists despite evidence that it should not. For example, the unemployment rate tends to remain high even after GDP growth has resumed, in part because business owners are afraid that growth will turn negative again even if they have no rational reason for believing so. One may think of hysteresis as an economy’s collective memory....
