Quote: 8) John Maynard Keynes – the long run

John Maynard Keynes:

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.

  • As someone, I think Milton Friedman, said “Keynes is now dead and we are stuck with the long run.”

  • I prefer, “in the long-run we have another short-run”. I can’t remember who said it – I heard it was Lerner but I’m not sure 😛