According to the study cited in the chapter opener, “Increasing evidence suggests that even short [recessions] can have substantial effects on workers’ careers.”Why might graduating into a weak labor market have a substantial affect on a college graduate’s career even after the economy has recovered and the job market has improved? Source: Philip Oreopoulos, Till von Wachter, and Andrew Heisz, “The Short- and Long-Term Career Effects of Graduating in a Recession: Hysteresis and Heterogeneity in the Market for College Graduates,” IZA Discussion Paper No. 3578, June 2008.