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The Challenge of Farsightedness

The Challenge of Farsightedness

Chapter:
(p.3) Chapter One The Challenge of Farsightedness
Source:
Bringing in the Future
Author(s):
William Ascher
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226029184.003.0001

This chapter describes the challenges calling for farsighted thinking and action. The approaches for addressing these challenges are also considered. Low savings and investment rates, combined with questionable economic policies, weaken the productivity gains that are important for economic growth. The dismal scenario introduced at the beginning of this chapter reflects how intertwined the shortsightedness of individuals, groups, and governments can be. All can hold back a nation's progress and well-being. This gives rise to distinct levels or targets for strategies to promote farsighted thinking and action. The degree of confidence that a farsighted strategy will succeed is integral to the ambition of pursuing long-term objectives. The chapter explains that farsighted thinking and action are not always beneficial or necessary. It is stated that, in a vast range of circumstances, getting people to focus on long-term possibilities is crucial for advancing sound development strategies.

Keywords:   farsighted thinking, farsighted action, economic growth, farsighted strategy, development strategies, investment rates, economic policies

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