Everybody should read his speech, "The Psychology of Human Misjudgment": https://fs.blog/great-talks/psychology-human-misjudgment/ It's a fantastic read that can really help you understand why supposedly rational masses of people can end up being so wrong. In the tech world, it ends up being more relevant than one would like it to be.
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Summary by Kagi Universal Summarizer
Human judgment is often flawed due to various psychological biases and tendencies hardwired in our brains through evolution, such as incentive-caused bias, consistency and commitment bias, and deprivation super reaction syndrome.
Figures like B.F. Skinner and Ivan Pavlov conducted important experiments demonstrating how reinforcement and conditioning shape human and animal behavior.
Marketing, advertising, and product design frequently exploit psychological tendencies like contrast effects, reciprocity bias, and social proof to influence consumer choices.
Board of directors are often ineffective at reining in CEOs due to psychological factors like commitment to prior decisions and not wanting to undermine authority figures.
Understanding psychological tendencies can help avoid being manipulated and make better decisions by considering disconfirming evidence and alternatives objectively.
Applying insights from psychology and economics together gives a more holistic view of human decision-making than either field alone.
Education should teach about these psychological tendencies so people can recognize their own biases and make more informed judgments.
Case studies of companies like Coca-Cola and mistakes of leaders like John Gutfreund demonstrate impacts of psychological factors consequentially.
Figures like Charles Darwin and Sam Walton applied self-awareness of psychological tendencies to achieve remarkable success and wisdom.
Secretive conventions and forcing priority on difficult tasks can help overcome natural human biases revealed through experiments.