Focus on shortterm gains harms long-term progress from "summary" of The Great Unraveling by Paul R. Krugman,University Paul Krugman
In the rush for immediate profits, businesses often neglect the long-term consequences of their actions. By prioritizing short-term gains over long-term progress, companies can undermine their own sustainability and prosperity in the future. This myopic focus on quick returns can lead to a vicious cycle of short-sighted decision-making that ultimately harms the company's overall performance. When businesses prioritize short-term gains, they may engage in practices that sacrifice long-term growth and stability. For example, cutting corners on product quality or customer service to boost profits in the short run can damage the company's reputation and brand value over time. Similarly, excessive cost-cutting measures that undermine employee morale and innovation can hinder long-term productivity and competitiveness. Moreover, a fixation on short-...
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