Keeping in Mind That Most Social Progress Occurs in Small

question 45

Essay

Keeping in mind that most social progress occurs in small adaptive steps, what can we do to anticipate market changes brought about by exponential growth in connectivity?

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Definitions:

Escalation of Commitment

The phenomenon of investing increasingly more resources into a failing course of action due to cognitive biases and sunk costs.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Representation Bias

Representation bias refers to the cognitive bias where individuals inaccurately assess the probability of an event based on the ease with which examples come to mind, often due to how frequently they are portrayed or mentioned.

Creativity

The ability to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others.