What is Longtermism?

The Basics

In a world often obsessed with quick wins, what if the real victory lies in the slow, steady march towards a better future?

4 minute read

2nd Sep 2024

We know the story well: the hare, focused on short-term speed, became complacent, thinking only of the immediate win. But the tortoise understood the value of steady, persistent effort. By focusing on the bigger picture and maintaining a consistent pace, the tortoise ultimately wins the race. This simple fable is the perfect metaphor for longtermism – the philosophical and ethical stance that prioritises the long-term future of humanity.

In business, longtermism encourages leaders to consider the impact of their decisions not just on the next quarter or the next year, but on the next century and beyond. It’s about thinking beyond short-term gains, prioritising long-lasting sustainability and responsibility that ensure success over time.

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What is longtermism?

Longtermism is a philosophical stance that prioritises the long-term future of humanity. It encourages individuals to frame their thoughts and actions with a focus on positively influencing future generations, making the long-term future a key moral priority.

What are the core beliefs of longtermism?

Responsibility for future lives. The idea that the lives of future generations hold intrinsic value, and that we have a moral obligation to protect and enhance their wellbeing.
Risk mitigation. A focus on identifying and mitigating existential risks – those that could potentially wipe out humanity or drastically curtail its future potential.
Sustainable progress. The belief that we should aim for sustainable advancements in technology, the economy, and society, ensuring that progress does not come at the cost of long-term harm.

Where did longtermism come from?

The idea emerged out of effective altruism, a broader social movement dedicated to wielding reason and evidence to do the most good possible for the most people. This concept has gained traction in ethical philosophy, with proponents such as Toby Ord and Will McAskill, arguing the belief that the wellbeing of people in the distant future should be valued as much as the wellbeing of those alive today.

Elon Musk describes longtermism as “a close match for my philosophy”.

Now with powerful figures out of Silicon Valley like Elon Musk describing longtermism as “a close match for my philosophy” it has reached popular media as a controversial concept potentially guiding powerful leaders in the tech world to imagine the future of humanity through a sci-fi lens, transcend corporeal limits, even embrace other planets as homes.

What does longtermism mean for business?

This year, the World Economic Forum emphasises the critical task of “rebuilding trust.” Businesses must restore trust through decisive actions, integrating sustainability into their core strategies to ensure that today’s growth doesn’t compromise tomorrow’s opportunities.

Businesses are pushed to consider the broader implications of their strategies, urging them to think beyond immediate profits, due to key factors such as:

Climate change. The growing awareness of climate change and its long-term effects has spurred interest in sustainability and the ethics of long-term decision-making.
Technological advancements. As technology accelerates, so do the potential risks, such as those posed by artificial intelligence or biotechnology. Longtermism encourages responsible innovation.
Global movements. Increased global consciousness about the interconnectedness of our actions has led to a broader understanding of our responsibilities to future generations.

“Longtermism is the belief that the wellbeing of people in the distant future should be valued as much as the wellbeing of those alive today.”

Beyond just benefiting future generations, longtermism has multiple perks for businesses too. It can boost employee satisfaction and retention, build customer loyalty, and attract forward-thinking investors.

Why is longtermism challenging?

Family businesses naturally think long-term to prioritise their legacy, but this mindset is less common in corporate settings. Many companies focus on short-term gains, with quarterly earnings often driving decisions. This short-term focus makes it tough to embrace longtermism, even when it’s clearly important. To change this, senior leaders might need to rethink performance goals and feedback loops. In a world where short-term thinking dominates, businesses and investors should work together to make long-term thinking the standard, not the exception.

This is a moment for companies and investors to move past the finger-pointing and to support each other in making long-term approaches the default rather than the exception.