The phrase "short-term approach" refers to a strategy or plan that focuses on achieving immediate results, with little regard for long-term consequences. It is often used in business and economics when discussing decisions made by companies or governments that prioritize short term gains over the potential benefits of taking a more sustainable, long-term approach. This type of thinking can lead to quick fixes or Band-Aid solutions that may provide temporary relief but do not address underlying issues and often result in greater problems down the line.