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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?

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  • $\begingroup$ 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. $\endgroup$ – Giskard Oct 15 '17 at 14:23
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    $\begingroup$ Short-run and long-run equilibria have featured in microeconomics for over a century: see Marshall's Principles of Economics (1890) (econlib.org/library/Marshall/marP32.html#Bk.V,Ch.V). $\endgroup$ – Adam Bailey Oct 15 '17 at 15:06
  • $\begingroup$ @AdamBailey If posted as an answer I would vote for your comment (again). $\endgroup$ – Giskard Oct 15 '17 at 15:16
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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 (1890).

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