Are markets inherently short sighted? If markets are types of "information systems", how do they assist in the attainment of a future common objective that is beneficial or even necessary to a society?  Since markets are driven by individual needs and wants, are such future planning objectives beyond the scope of markets?  So, if markets are inherently short sighted, does that mean we are at the mercy of fate when it comes to large scale global problems that evolve over decades?
Of course markets can be shortsighted. The same problem can apply to any institution though. In order to correct a market failure using government it's necessary to appeal to the self interest of various interest groups, which may end up putting you back in square one.