When it comes to surveillance and terrorism, are we not doing enough to prevent the next terrorist attack, or are we collecting too much unnecessary information?
In the mortgage market, are we making it too difficult or too easy for first-time homebuyers to purchase homes?
Would one have expected that the cost of restoring order after an invasion of Afghanistan to be relatively light compared to the cost of restoring order after an invasion of Iraq?
Most people approach these issues with hindsight bias. In situations of uncertainty, hindsight bias causes a number of problems.
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