short-term thinking
/ˈʃɔrt ˌtɜrm ˈθɪŋkɪŋ/ · short·term·think·ing
noun
- a mindset or approach that prioritizes immediate gains or benefits over long-term consequences or sustainability The company's short-term thinking led to significant profits in the first quarter, but ultimately resulted in financial difficulties in the following years.
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Did you know? The concept of short-term thinking has been widely criticized by economists and business leaders, including Nobel laureate Joseph Stiglitz, who has argued that it can lead to suboptimal decision-making and undermine long-term economic growth. The phrase has also been used in popular culture, including in the TV show 'The Office', where the character of Michael Scott is often portrayed as a proponent of short-term thinking.