long term they’re all dead.
But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task, if in tempestuous seasons they can only tell us, that when the storm is long past, the ocean is flat again.
- A Tract on Monetary Reform (1923), Ch. 3, p. 80
- John Maynard Keynes Keynes
In contrast to neoclassical economics, which says that “if the market is left to its own devices, an equilibrium solution will be reached in the long run.
- Blind Card Candidate
- Even if the claim “in the long run it will be X” is True, it is unclear how long it will be X
- Tend to implicitly assume a shorter time than actual, which is a blind spot.
relevance
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