The Conditionality of Political Short-Termism: A Review of Empirical and Experimental Studies

Abstract

Political short-termism prioritizes short-term net policy benefits over long-term benefits and thus can hinder policy investments that impose short-term costs to society to address long-term policy challenges. This literature review explores when political short-termism can be driven and mitigated in a democratic system by reviewing empirical and experimental studies and identifying the various factors that can influence policy investments: elections, economic conditions, power-sharing arrangements, partisanship, the presence of compensation schemes, and media coverage among politicians; discounts of future policy benefits, policy trade-offs, political ideology, and socioeconomic and demographic factors among voters; and compliance costs, power-sharing arrangements, compensations, and long-term political signaling from governments among special interest groups. Finally, I discuss the findings and provide suggestions for future research.