Another bit on short-termism

A better argument would be that the agency relationship (and habitual firing for inferior short-term performance), rather than capitalism, leads to excess short-termism. Capitalism has plenty of agency relationships, of course, but so do all other systems, including politics and the charitable sector. At least under capitalism there is an incentive to terminate or alter the most destructive agency relationships, precisely because they reduce longer-term wealth.

That is by me, from my recent TLS review essay.

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