The Long Short Run
Japan since the start of the 1990’s provides strong evidence that what economists call "the short run" can last for decades, and then be followed not by a return to the old normal, but by a transition to a new normal in which economic depression casts a long shadow. What we have seen since 2008 is that Japan is not an exception.
https://prosyn.org/77pirIs
BERKELEY – Before 2008, I taught my students that the United States was a flexible economy. It had employers who were willing to gamble and hire when they saw unemployed workers who would be productive; and it had workers who were willing to move to opportunity, or to try something new in order to get a job. As bosses and entrepreneurial workers took a chance, supply would create its own demand.