In his forthcoming book, “Thinking, Fast and Slow” (I’ll write more about it in a couple of weeks), Kahneman calls this the planning fallacy. Most people overrate their own abilities and exaggerate their capacity to shape the future.
Larry Kudlow:
It's exactly what the economy doesn't need for the simple reason that business people today have at least a three- to five-year time horizon when it comes to making decisions to invest and employ.
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