Routledge Dictionary of Economics, Second Edition
Marshallian long period (D2)
A period of several years in which normal prices are established, the FACTORS OF PRODUCTION are adjusted to demand and the supply of these factors is changed—a stationary state similar to that assumed in RICARDO’S theory of value. MARSHALL distinguished it from the period of secular change in which there is a ‘gradual growth of knowledge, of population, and of capital, and the changing conditions of demand and supply from one generation to another’.
References
Marshall, A.
(1920) Principles of Economics. An Introductory Volume, 8th edn, Book 5, ch. 5, London: Macmillan.
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