Shortsightedness effect

Joseph Connors and James Gwartney

Chapter 103 in Elgar Encyclopedia of Public Choice, 2025, pp 738-741 from Edward Elgar Publishing

Abstract: The shortsightedness effect is a result of the incentives inherent in the democratic political process. This process is biased in favor of policies that generate highly visible current benefits at the expense of larger future costs. Unless the incentives of the democratic political process are modified, the shortsightedness effect results in borrowing, budget deficits, and increasing government debt. The shortsightedness effect is also an example of government failure. The incentives inherent in the democratic political process are biased toward the adoption of inefficient government programs and the rejection of efficient government programs.

Keywords: Shortsightedness effect; Myopia; Government failure; Government debt (search for similar items in EconPapers)
Date: 2025
ISBN: 9781802207743
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