the lessons we derive in the aftermath of major catastrophic events are decidedly not rational. We exaggerate the probability of their recurrence, and we resent any reminders that (setting the shock aside) their actual human and economic impact has been comparable to the consequences of many risks whose cumulative toll does not raise any extraordinary concerns. As a result, fear of another spectacular terrorist attack led the US to take extraordinary steps to prevent it. These included multitrillion-dollar wars in Afghanistan and Iraq, fulfilling Osama bin Laden’s wish to draw the country into
...more

