long run


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Long run

A period of time in which all costs are variable; longer than one year.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Long Run

Informal for long term. The term is notable for John Maynard Keynes' quote, "In the long run, we are all dead."
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Sam Waley-Cohen and Long Run after their King George heroics
FROM PAGE ONE best of Kauto Star I piled into Long Run to win this race last year.
With doubts surrounding Kauto Star's participation, Long Run had hardened at the head of the market and had been even money with Ladbrokes.
Long Run faces four rivals, with champion trainer Paul Nicholls saddling both What A Friend and Tidal Bay.
Despite Walsh getting the better of Long Run in both the Betfair Chase at Haydock and the King George at Kempton on Kauto Star this season, he feels the younger horse still has plenty going for him.
However, neither Kauto Star nor Long Run had read the script as a blunder at the second-last saw Paul Nicholls' runner toiling behind the new young hero.
And a terrible mistake at the second-last from the 4-7 favourite assured the Nicky Henderson-trained Long Run, sent off at 9-2, of a memorable success.
If you gain weight during a long run, drink less next time.
In the long run, it will be much cheaper than buying BA-5800s, but you will have the inconvenience of carrying a lot of AAs, loading the battery trays, and removing and replacing them.
This paper has found evidence that real effective exchange rates have a positive impact on the trade balance in the long run for major European Union countries.
No doubt this is in part because it is difficult to look at the data generated by the world's economies and come to any firm conclusion about whether monetary injections had important real effects, in the short run or in the long run. In addition, many of the empirical tests that were devised ran into important criticisms that seemed to invalidate their conclusions.
Perhaps more important, using general revenues to fund social security undermines the fiscal discipline imposed by the need to ensure that income earmarked for social security is sufficient to meet the entire cost of the program, both in the short run and long run. Without a long-range budget constraint on social security, it will be much more difficult to limit future benefit growth.