INTRODUCTION QUANTIFYING FRICTIONS: IS THE LONG-RUN AVERAGE A USEFUL GUIDE FOR THE FUTURE? MODELING DYNAMIC ADJUSTMENT DUE TO ECONOMIC FRICTIONS: DECISION MAKING IN AN EVOLVING WORLD DYNAMIC ECONOMIC ADJUSTMENT: AN EVOLUTION UNTO ITSELF Appendix A CASE FOR THE MULTIPLE MARKETS: 1983–2008 THE LABOR MARKET: 1983–2008NOTES