Quote: 8) John Maynard Keynes – the long run
Posted November 8, 2008on:
The long run is a misleading guide to current affairs. In the long run we are all dead
More commonly written as “in the long-run we are all dead” putting the quote in wider context makes it more reasonable. Fundamentally all this tells us is that the long run (when prices can all clear and agents have responded to a shock) differs intrinsically from the short run.