Short Run vs. Long Run
An examination between how economic planning and decision making are different in the short run than in the long run.
Forecasting of future events is used a great deal in economics; from financial predictions such as future levels of the stock market or a future value of an exchange rate, to demographic ones such as the future population density of an area. Long-run models are difficult to validate empirically, since their results do not come about until years in the future. So naturally, we should take any long-run predictions we hear with a dose of skepticism.
Article answers the question: I am undergoing an economics lecture at the undergraduate level and cannot understand the difference between "long run" and "short run". How long is the long run and how long is the short run?