Author: eric
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democracy is popular
Democracy is awesome, right? Yet an inherent fundamental flaw remains: giving the power to the people, left to their own devices, the majority can easily exploit the minority. This shortcoming has reared its head repeatedly throughout history. When it gets particularly ugly, we call it “populism.” Put differently, populism is a rather common product of…
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survivorship bias
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During World War II, researchers at the Center for Naval Analyses conducted a study on the damage done to Allied aircraft returning after bombing missions. Based on damage assessments, they recommended adding armor to those areas showing the most extensive damage in order to minimize future losses to enemy fire. However, Abraham Wald suggested that…
