Long-term memory (LTM) is the stage of the dual memory model proposed by the Atkinson-Shiffrin memory model, and informative knowledge can be stored for long periods of time. While short-term and working memory persist for only about 18 to 30 seconds, informative knowledge can remain as long-term memory indefinitely. Long-term memory is commonly labelled as explicit memory (declarative), as well as episodic memory, semantic memory, autobiographical memory, and implicit memory (procedural memory).
According to Miller, whose paper in 1956 popularized the theory of the "magic number seven", short-term memory is limited to a certain number of chunks of information, while long-term memory has a limitless store.
According to the dual store memory model proposed by Richard C. Atkinson and Richard Shiffrin in 1968, memories can reside in the short-term "buffer" for a limited time while they are simultaneously strengthening their associations in long-term memory. When items are first presented, they enter short-term memory, but due to its limited space, as new items enter, older ones are pushed out. However, each time an item in short-term memory is rehearsed, it is strengthened in long-term memory. Similarly, the longer an item stays in short-term memory, the stronger its association becomes in long-term memory.
In 1974 Baddeley and Hitch proposed an alternative theory of short-term memory: Baddeley's model of working memory. According to this theory, short-term memory is divided into different slave systems for different types of input items, and there is an executive control supervising what items enter and exit those systems. The slave systems include the phonological loop, the visuo-spatial sketchpad, and the episodic buffer (later added by Baddeley).