Difference between revisions of "Long Run"
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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. | 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. | ||
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| + | Economist [[John Maynard Keynes]] famously quipped, "Long run is a misleading guide to current affairs. In the long run we are all dead."<ref>http://www.bartleby.com/66/8/32508.html</ref> | ||
[[category:economics]] | [[category:economics]] | ||
Revision as of 18:31, January 14, 2008
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."[1]