The Devastating Effects of Short-Term Thinking: Why Society and Businesses Can’t Afford to Ignore It

In the introduction to my first book, “The Digital Mind of Tomorrow,” published last year, I argued that the world is stuck because of a trust crisis and a lack of purpose. Short-termism is now embedded in our everyday lives because of the fast-paced nature of modern civilization. Today, we expect everything to be simple and straightforward. This way of thinking has, unfortunately, spawned a crisis of trust and a general fatigue in our organizations, our relationships, and our communities, not to mention our entire society.

The roots of this culture can be found in a number of things, such as the fast pace of modern life, the fast growth of technology, the popularity of the "fast" concept, and other ways to get things done quickly. As people’s lives become increasingly hectic, they tend to value efficiency and convenience more than ever before. This has led to a preference for short and to-the-point communication as well as quick and easy methods for completing tasks and obtaining information.

One of the most obvious manifestations of the “short-term thinking” culture is in the way people communicate with each other. Instead of long and detailed emails or phone calls, people now tend to send short messages or use emojis to express their thoughts and feelings. Social media platforms like Twitter and Instagram have also become more popular, as they allow users to share information in a concise and easily digestible format.

When it comes to business, the pressure to deliver short-term results has become all-consuming. Companies are constantly under pressure to meet quarterly earnings expectations and show immediate growth, leading to a focus on short-term tactics rather than long-term strategy. This approach often leads to a lack of innovation, a loss of purpose, and a failure to create lasting value for both the company and its stakeholders.

Short-term thinking is not limited to the business world. It can also be seen in other areas of life, including politics and social issues. In a society where the government places a high value on stability and order, it can be tempting to focus on short-term solutions to problems rather than tackling the underlying causes. However, this approach often leads to band-aid solutions that fail to address the root causes of social and economic problems.

In the same way, we often put short-term pleasures and instant gratification ahead of long-term goals and a deeper sense of purpose in our personal lives. People are more concerned with accumulating wealth, status, and material possessions than pursuing their passions and making a meaningful contribution to society. This short-term view of life has led to a rise in mental health issues as people struggle to find fulfillment and meaning in their daily lives.

Short-term thinking leads to a meaningless society where there is no depth and critical thought, and we are not investing in what matters, such as relationships, community, and personal growth. When individuals are used to getting information in short, readily consumable formats, they lose the ability to interact with complicated concepts or think critically about significant topics, creating a sense of superficiality and alienation. Those who prioritize speed and convenience miss out on the deeper relationships and experiences that come from engaging with others and the world. This can lead to a sense of isolation and a lack of meaningful connections, which can damage individuals and society.

To truly thrive as individuals and as a society, we must shift our focus from the short-term to the long-term, from efficiency to sustainability. We must prioritize quality over speed and invest in the things that will bring lasting benefit to ourselves and our communities. This shift in mindset requires a fundamental change in how we view success. Rather than focusing solely on achieving immediate goals and results, we must recognize that true success comes from creating lasting value for ourselves and others.

In order to break away from the culture of short-term thinking, it is essential to adopt a more philosophical and purpose-driven approach. This means taking the time to reflect on the values and goals that drive our actions and being willing to invest in long-term solutions that create meaningful change and progress. It also means being willing to take risks and embrace uncertainty. Innovation and progress often require stepping outside of our comfort zones, but the rewards can be significant if we are willing to embrace the unknown.

While it’s true that time savings and ease of use have their advantages, we shouldn’t forget the value of delving deeper and putting more emphasis on critical thinking and genuine human relationships. A culture that inspires us to connect with the world in a meaningful and thought-provoking way requires a balance between these two opposing principles.