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" ... So, as the business cycle proceeds, unemployment bouncing up and down, if the result is that people only ever become short term unemployed then the basic nairu (non accelerating inflation rate of unemployment) in the society will stay static. However, if at each ratchet of the cycle there's some bleeding off of those short term unemployed into long term unemployment then nairu will rise over time. For those long term unemployed, as we've already noted, find it very difficult to almost impossible to get back into paid work. And the reason we don't like this is precisely because of that change in nairu. The higher it is then the earlier in the run down of unemployment in the boom leads to the necessary rise in interest rates to cut inflation. We end up, in order to stop inflation, always curtailing the boom when there's still large numbers of unemployed: those long term unemployed. ... "