Policymakers must balance shortterm and long-term goals from "summary" of The Industrial Policy Revolution II by J. Esteban,J. Stiglitz,Justin Lin Yifu
Policymakers are faced with the challenging task of finding the right balance between short-term and long-term goals when formulating policies. This involves weighing the immediate needs and demands of society against the future implications and consequences of their decisions. In essence, it requires a careful consideration of the present and future welfare of the economy and society as a whole. Short-term goals often relate to addressing pressing issues or achieving immediate results, such as boosting economic growth, creating jobs, or increasing productivity. These goals are crucial for addressing current challenges and ensuring the stability and well-being of society. However, a narrow focus on short-term goals can lead to overlooking the long-term implications of policy decisions. On the other hand, long-term goals encompass broader objectives that aim to foster sustainable development, enhance competitiveness, and promote inclusive growth over the years. These goals are essential for se...
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