Can we measure the long term without destroying it?

Ideas & Philosophy · Published 15 October 2026 Swipe more like this →

In short: In finance, 'long' usually implies stability. But some argue that the very tools we use to monitor and govern systems—measurement and metrics—might actually undermine our ability to think in long-term cycles. Lady Susan Rice explores whether a professional code of conduct can bridge this paradox.

The tension lies in a fundamental governance dilemma: most theorists agree that measurement is the first step toward any form of control, whether it be scientific, commercial, or political. However, applying rigorous metrics to long-term goals creates a friction point. If we prioritize 'measurement,' we risk excising the very essence of the 'long term.' Conversely, if we abandon measurement in favor of abstract long-term thinking, we often fall prey to low standards, slack practices, and corruption.

Lady Susan Rice, representing Lloyds Banking Group, addresses this at Gresham College as part of the Long Finance Spring Conference. The discussion centers on whether a professional code of conduct for bankers is a practical necessity or an unattainable luxury in a modern sphere that struggles with sustainability. The goal is to move beyond the cynical view—evoked by references to 'parallel universes' where sustainable banking exists—toward a reality-based framework.

Rice challenges the audience, including investors, regulators, and academics, to perform a 'reality check.' She suggests that sound banking cannot rely solely on two pillars: looking at the numbers and hearing the right intentions from executives. Instead, she proposes using professional experience and storytelling to navigate the paradox between financial reality and long-term aspirations.

This debate is framed by Gresham College's long history of public discourse, which dates back to 1597. By hosting these discussions, the institution provides a space to test whether 'long finance' can mirror reality or if it remains a theoretical ideal that fails when subjected to the mechanics of human behavior and institutional oversight.

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