The Long Run
Oil on Canvas  
24" x 48"
The notion of the long run has been a constant albeit not un-contentious theme and concept in economics since its inception. Its precise delineation is as an end state of a process of adjustment.
Adam Smith’s resolution of the famed Diamonds Water paradox was to argue that Supply and Demand serves to determine the (short run) market price which oscillates around the underlying actual (long run) cost of production which determined value. This long run need not ever be reached.