An important factor here is not so much the business lobbies, but how we reward the decision-makers. CEOs make most of their money from short-term stock price numbers, something that also determines how long they last in their jobs. Combine that with declining CEO tenure [1] and the incentives are really clear: Do anything that will make the numbers look good in the 1-5 year time frame, get maximum money, and GTFO.
A lot of these problems would go away if CEOs were paid a modest amount of cash to live (say, $1m/year) and then the rest of their compensation was in stock that was locked up for at least 20 years.
A lot of these problems would go away if CEOs were paid a modest amount of cash to live (say, $1m/year) and then the rest of their compensation was in stock that was locked up for at least 20 years.
[1] https://www.pwc.com/gx/en/news-room/press-releases/2019/ceo-...