When you chew this bullet, however, it melts in your mouth. Collective folly is inherently plausible. Weigh the intellectual payoffs. When spending our personal resources, we retain a clear incentive to second-guess popular ideas. Consumers who discover a best-selling product is junk can unilaterally save their own money. Don’t like it? Don’t buy it. When spending collective resources, in contrast, second-guessing popular ideas is selfishly futile. Taxpayers who discover a beloved program is junk must pay their taxes like everyone else. Don’t like it? You’re only one person. Without the
...more
