The phrase “in the short term” originated in colloquial English in the 1800s and is often used to refer to events that will take place in the near future. It has been associated with economic theory, where it refers to fixed factors of economic output. In contrast, the long run suggests that all key factors of production are changeable. These phrases have remained part of ordinary colloquial English and are used to contrast the temporary short run and the permanent long run.
The phrase “in the short term” is one of many idiomatic expressions in the English language. It originated in colloquial English in the 1800s and has been associated with economic theory, although it is still in wider use in colloquial English. The phrase is often used to refer to events or possible outcomes that will take place in the near future and probably won’t last forever. Events that will take place at a point farther into the future and could persist, in contrast, are said to take place “in the long term”.
This phrase likely evolved from the phrase “long term” which probably originally referred to actual physical distance. That phrase gradually acquired a less specific meaning. At that point in the 1800s, it became natural to discuss the short run versus the long run.
The short run has been given a more specific meaning by academic economists. They refer to things that happen “in the short run” when some of the key factors of economic output are fixed. This means that physical and temporal constraints would prevent a company from completely leaving a business or a new business from entering such a business. Expanding or shrinking the means of production is also limited in the short run, as factories take time to set up or shut down regardless of potential profit or loss.
In the long run, as opposed to the short run, economic theory suggests that all key factors of production are changeable. In the long run, completely new businesses can emerge and enter profitable industries. Companies can modify production to whatever extent economic forces dictate and build or dispose of facilities as needed.
These phrases have remained part of ordinary colloquial English although their use by economists has led to an association with commercial activities. Discussion of the short run generally implies that there is a long run, a time when some of the factors that apply to the more immediate short run may have changed dramatically. This is true both when the phrase is used to discuss business-related matters and when it is used more generally.
For example, the price of agricultural products might be “likely to fall in the short run due to good harvests”. This phrase indicates a limited period of time during which a change in market conditions will persist. That temporary change is understood to be impermanent as the short term will eventually end.
The long run and the short run are useful concepts and are used to contrast the temporary short run and the permanent long run more generally. In the short term, it might be a good idea for a college student to skip a class and catch up on much-needed sleep. In the long run, however, the costs of this action could outweigh the benefits.
Protect your devices with Threat Protection by NordVPN
