Voting

Rational ignorance occurs when the cost of educating oneself on an issue exceeds the potential benefit that the knowledge would provide.

Ignorance about an issue is said to be "rational" when the cost of educating oneself about the issue sufficiently to make an informed decision can outweigh any potential benefit one could reasonably expect to gain from that decision, and so it would be irrational to waste time doing so. This has consequences for the quality of decisions made by large numbers of people, such as general elections, where the probability of any one vote changing the outcome is very small.

Probability multipliers: make sentences tougher as the chance of being caught declines.

Anti-market bias
a tendency to underestimate the economic benefits of the market mechanism
People focus on the profit motive of the companies and neglect discipline imposed by the competition.

Business profit appears to be a transfer but benefits society; business philanthropy appears to benefit society but is at best a transfer.

Anti-foreign bias
a tendency to underestimate the economic benefit of interactions with foreigners.

The law of comparative advantage shows that mutually beneficial international trade is possible even if one nation is less productive in every way.

The prejudice stems from misidentification of money and wealth. The fallacy is not to treat all purchases as a cost, but to treat foreign transactions as a cost.

Make-work bias: a tendency to underestimate the economic benefits of conserving labor.

Pessimistic bias: a tendency to overestimate the severity of economic problems and underestimate the past, present and future performance of the economy.

Public lacks perspective.