<p>The concepts of short-run and long-run equilibria certainly feature in microeconomics.  Indeed, they have done so for over a century: see Marshall's <em><a href="http://www.econlib.org/library/Marshall/marP32.html#Bk.V,Ch.V" rel="nofollow noreferrer">Principles of Economics</a></em> (1890).</p>

CC BY-SA 3.0
2017-10-15T16:48:05.227Z
2017-10-15T16:48:05.227Z
Adam Bailey
<p>Shouldn’t there also be a concept of short vs. long-run equilibrium in microeconomics? After all, short-run equilibrium describes the state of the economy when wages and prices are still adjusting and when worker misperceptions are affecting quantity-supplied of labor; and long-run equilibrium is the state of the economy when worker misperceptions have been corrected, and wages and prices have adjusted to their final levels. </p>

<p>Doesn’t this happen in microeconomic situations? If not, why not?</p>

CC BY-SA 3.0
2017-10-15T14:23:49.727Z
Micro does not have misperceptions, unless you count informational asymmetry. But every micro textbook I have seen so far has dealt with both long and short-run equilibria with respect to firms and the supply curve, so I am not sure what you are asking.
Giskard
CC BY-SA 3.0
2017-10-15T15:06:28.623Z
Short-run and long-run equilibria have featured in microeconomics for over a century: see Marshall's Principles of Economics (1890) (http://www.econlib.org/library/Marshall/marP32.html#Bk.V,Ch.V).
Adam Bailey
CC BY-SA 3.0
2017-10-15T15:16:01.370Z
@AdamBailey If posted as an answer I would vote for your comment (again).
Giskard
<macroeconomics><microeconomics><long-run>
Why are the concepts of short-run and long-run equilibrium exclusive to aggregate supply and demand and macroeconomics?
Dave
# Why are the concepts of short-run and long-run equilibrium exclusive to aggregate supply and demand and macroeconomics?

(Asked by: username_0 on 2017-10-15)

Shouldn’t there also be a concept of short vs. long-run equilibrium in microeconomics? After all, short-run equilibrium describes the state of the economy when wages and prices are still adjusting and when worker misperceptions are affecting quantity-supplied of labor; and long-run equilibrium is the state of the economy when worker misperceptions have been corrected, and wages and prices have adjusted to their final levels.

Doesn’t this happen in microeconomic situations? If not, why not?

**Tags:** macroeconomics, microeconomics, long-run
> **Comments:**
> **username_1**: Micro does not have misperceptions, unless you count informational asymmetry. But every micro textbook I have seen so far has dealt with both long and short-run equilibria with respect to firms and the supply curve, so I am not sure what you are asking.  
> **username_2**: Short-run and long-run equilibria have featured in microeconomics for over a century: see Marshall's Principles of Economics (1890) (http://www.econlib.org/library/Marshall/marP32.html#Bk.V,Ch.V).  
> **username_1**: @AdamBailey If posted as an answer I would vote for your comment (again).  

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## 1 answers

### Answer by username_2 on 2017-10-15. Score: 1

The concepts of short-run and long-run equilibria certainly feature in microeconomics. Indeed, they have done so for over a century: see Marshall's *[Principles of Economics](http://www.econlib.org/library/Marshall/marP32.html#Bk.V,Ch.V)* (1890).


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