In economics the long run is a theoretical concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium. The long run contrasts with the short run, in which there are some constraints and markets are not fully in equilibrium.
More specifically, in microeconomics there are no fixed factors of production in the long run, and there is enough time for adjustment so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry. This contrasts with the short run, where some factors are variable (dependent on the quantity produced) and others are fixed (paid once), constraining entry or exit from an industry. In macroeconomics, the long run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short run when these variables may not fully adjust.
Label: Asylum Records RRM1-508
Format: Vinyl, LP, Album, Reissue
Genre: Rock, Pop, Folk, World, & Country
Style: Classic Rock, Country Rock, Folk Rock
A1 The Long Run
A2 I Can't Tell You Why
A3 In The City
A4 The Disco Strangler
A5 King Of Hollywood
B1 Heartache Tonight
B2 Those Shoes
B3 Teenage Jail
B4 The Greeks Don't Want No Freaks
B5 The Sad Café