The Challenge of Farsightedness

William Ascher

in Bringing in the Future

Published by University of Chicago Press

Published in print March 2009 | ISBN: 9780226029160
Published online February 2013 | e-ISBN: 9780226029184 | DOI:
The Challenge of Farsightedness

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  • Economic Development and Growth


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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

Chapter.  10573 words. 

Subjects: Economic Development and Growth

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