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November 14, 2022


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Economists have long differentiated the long run and the short run. John Maynard Keynes, perhaps runner-up to Galbraith in the bon mot race, famously wrote: "In the long run [or long term] we are all dead."

Because it was so widely misapplied, he later came to regret making the statement, despite its inherent truth.

“Longtermism” sounds suspiciously like some religions. Poor people putting their last pennies in a plate collected by a man in gold vestments. The promise of a wonderful afterlife.

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