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Line 1: − The '''long run''' is a term in [[economics]] for the distant future. Long run costs for a seller include building factories, buying new equipment, and hiring new employees.+ − − Economist [[John Maynard Keynes]] famously quipped, "Long run is a misleading guide to current affairs. In the long run we are all dead."[http://www.bartleby.com/66/8/32508.html]
Corrected claim about "the distant future" to proper economic definition of the long run (rewrote article)
In [[economics]], the '''long run''' refers to the timeframe in which all [[factors of production]] are variable. It is most frequently compared with the [[short run]], in which at least one factor of production is fixed, or the market timeframe, in which all factors are fixed.
[[category:economics]]
[[category:economics]]