Why do we even bother to study the long run if it is just a theoretical concept? When do we ever get to the stage where all inputs are Variable? In short, what is the benefit of learning about the long run?
2006-07-31 02:56:17 · 3 answers · asked by G C 1 in Social Science ➔ Economics
Do you plan for retirement?
Did you study a specific thing in school to get a good job?
Both of those are long run, so why bother if there is no benifit and if it is only theoretical?
How do you know you will live long enough to retire? It is only a theory that you will survive to age 65.
In short, the reason is that you have to. To only plan for the short term leaves you exposed, vulnerable and ultimately weak and unprepared.
While you understand that things will change and the long run is only a theory, you use it because you HAVE TO. You must plan for the future to survive and that is the best tool for accomplishing this.
2006-07-31 04:34:34 · answer #1 · answered by urbanbulldogge 4 · 0⤊ 0⤋
Long-run is NOT a theoretical concept. It takes time to buy and rezone land (rezoning land for a gas station, for example, can take two or three years), hire and train workers (training a highly-skilled machinist may take years), and build factories. The longest of these times determines what the long-tun is in a particular industry.
2006-07-31 12:21:50 · answer #2 · answered by NC 7 · 0⤊ 0⤋
Some advise for you
Live like you are going to die tomorrow (short run) and learn like you going to live forever (long run)
2006-08-03 03:15:48 · answer #3 · answered by Best_Answer 2 · 0⤊ 0⤋