Because of the difference between measurement units, the spacecraft entered orbit at too low an altitude and failed due to atmospheric stress and friction.3 On February 20, 1995, Dr. Rolando R. Sanchez, a surgeon in Tampa, Florida, scrubbed and entered the operating room for a routine leg amputation.4 A blackboard in the operating room specified the leg to be amputated, as did the operating room schedule and the hospital's computer system.5 When Dr. Sanchez entered the room the patient had already been prepped for surgery, with one of her legs draped and sterilized. A truly independent board, composed largely of people from outside the government, selected according to some principle of merit rather than political connections, and adequately funded and protected against retaliation for expressing unpopular views, would offer a potentially more efficacious approach to the problem of impartially and objectively identifying systemic threats to the financial system and proposing possible remedies or solutions. Because of its importance during these times, intellectual hazard, like moral hazard, poses systemic risks to the financial system as a whole.
INTELLECTUAL HAZARD: HOW CONCEPTUAL BIASES IN COMPLEX ORGANIZATIONS CON Geoffrey P Miller; Gerald Rosenfeld
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