In the Long Run It’s, Well, a Long Run


One of the oldest theoretical constructions in economics declares that in a perfect market, short term profits and losses eventually even out so that, in the long term, all profits are zero.

Famed 20th century English economist John Maynard Keynes gets credit for restating this jargon-rich theory into clear, concise language when, in 1923, he wrote, “In the long



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