13-1a3a4 The equilibrium price cannot be realized, except in the evenly rotating economy (ERE)

The ERE—the Austrian version of the “long-run”—is by definition unobservable in the real world, and the Austrians are well aware of this (unlike the so-called mathematical economists).

“Alfred Marshall considers the “long run” as actually existing, as being the permanent, persistent, observable element beneath the fitful, basically unimportant flux of market value. The long run, by its very nature, never does and never can exist. The point at issue is that it is not observable, or real, as are actual market prices.”

Next:

• 13-1a3a4a The actual market prices are the only ones that ever exist
• 13-1a3a5 The concept of an equilibrium price presupposes a world without further subjective re-evaluations or change

Related:

• 5-2 What counts cannot be counted
• 5-2b5 Theories precede data
• 12-1e0 Everything changes
• 13-3a The use of the mathematical concept of function in a science of human action is inappropriate—because it disregards time and knowledge creation (i.e., the multiverse)