Listverse provides a neat and concise list of some common faults in human thought. Interestingly, many of our social institutions that exist today are aware of and intentionally exploit these little misconceptions of our human mind. For instance, the whole gambling industry thrives on a probabilty fallacy. Also, key social events in human history are often underpinned by these socio-psychological misconceptions. Economic crises, for one, are often a result of human overspeculation that drove the market failure.
Have you been ‘guilty’ of any of the faults in the list?
Do you know of any social phenomena that reflect the very working of these faults today?