In a great article, Higgs points to 3 errors common in government efforts to manage the economy, which is valuable enough, but I believe these errors are common in most decision making. In brief, the quality of our decisions would be improved if we:
- thought more about the hidden disadvantages instead of the visible advantages
- thought more about the long term and less about the short term
- considered what indirect impacts there might be
You could do worse than incorporating these mandates into your decision making process.