long run

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Long run

A period of time in which all costs are variable; longer than one year.

Long Run

Informal for long term. The term is notable for John Maynard Keynes' quote, "In the long run, we are all dead."

long run

an abstract time period (in the THEORY OF SUPPLY) long enough for all FACTOR INPUTS to be varied, but within an existing technological framework (known production methods). Thus, the firm's plant size, which is fixed in the short run, can now be altered to allow for an increased scale of operations.

In the VERY LONG RUN, the technological framework itself changes as a result of new INVENTIONS and knowledge. Compare SHORT RUN. See also ECONOMIES OF SCALE, DISECONOMIES OF SCALE, RETURNS TO SCALE.

References in periodicals archive ?
which has the property that the representative consumer just doesn't care enough about those long-run risks to pump up the returns on those high book-to-market portfolios.
Growth in productivity has to be at the heart of long-run growth in living standards.
The supply of rental housing can be decomposed into a short-run supply and a long-run supply.
In models in which nominal variables follow integrated variables processes, long-run neutrality can be defined and tested without complete knowledge of the behavioral model.
Previous studies have found that prolonged high inflation does in fact reduce economic growth, but they were not able to detect a significant long-run relationship between real growth and low or moderate inflation.
However obtaining estimates for the standard errors of these long-run coefficients is not straightforward, and hence it is not easy to assess their statistical significance.
In discussing long-run monetary neutrality, economists typically refer to a specific, hypothetical experiment that normally is not observed directly in actual economies.
Because under the current budget system, Medicare Part B and Medicaid are financed with general revenues, there is much less pressure to take measures now to improve their long-run financing.
In the case of VAR expectations, advance recognition, if appropriate, is introduced by specifying that expectations of both long-run inflation and interest rates respond before the event.
The estimation of full dynamic effects requires a model that both captures microeconomic and macroeconomic processes and produces reliable long-run forecasts of economic outcomes.
By closing the program to new entrants, empowering the legislature to reduce existing benefits, eliminating benefit indexation, and making it more difficult to raise future benefits, the reform boosts the long-run sustainability of the public pension system and frees up fiscal resources in the future.
The directive stated that in the context of the Committee's long-run objectives for price stability and sustainable economic growth, and giving careful consideration to economic, financial, and monetary developments, somewhat greater reserve restraint would be acceptable or slightly lesser reserve restraint might be acceptable during the intermeeting period.

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