My biggest takeaway from the 2013 Annual Meeting of the World Economic Forum in Davos was that we need to find ways to encourage long-term thinking -and acting. Read more HERE in this February 5th post to the World Economic Forum blog.
Down with Short Termism; Long Live the Long Term
If only I had a nickel for every time during the World Economic Forum Annual Meeting 2013 that participants held up short-term thinking and actions as the bogeyman standing in the way of the Meeting’s Holy Grail: dynamic resilience.
Delivering a scathing assessment of the European Union’s response to the euro crisis, especially in the early stages, Italy’s Prime Minister Mario Monti blamed it for short-term thinking when “leadership is the opposite of short termism.” IMF Managing Director Christine Lagarde similarly urged longer-term policy strategies: “If we look beyond the short term, we would indeed move past the crisis,” she said.
This is hardly the first time anyone has criticized short-term thinking as a danger. But the chorus of voices creates a real opportunity to move from talking to doing. Let’s use it to create the right incentives to encourage politicians, businesses, investors – and, for that matter, individuals – to think and act for the long term as well as for immediate priorities.