Those who favor long-term well-being over short-term well-being tend to do better. The human propensity to choose short-term enjoyment over long-term well-being naturally exaggerates the highs and lows of the cycle because it pulls the good times forward at the expense of the future. That happens in many harmful ways, most classically by creating the debt boom and bust cycle. Governments are especially vulnerable to this because of how the political dynamic works. More specifically, a) politicians are motivated to prioritize the near term over the long term, b) they don’t like to face
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