|When it is claimed that decision makers in the past viewed events from the same perspective and had the same information as those currently analyzing the decision.||If I had lived in medieval times, I would certainly not have thought the sun circled the earth as did all the other fools!|
|We often underestimate the degree that both societal influence and the current body of science have on our modern belief systems. This fallacy is similar to the “psychologist’s fallacy”.|
Case Study One
Most people would like to think they would have not accepted slavery and other common practices we now consider barbaric had they lived a thousand years ago.
Case Study Two
Many current investors shrug off the suggestion that they may have also fallen victim to the hype of the market just prior to one of the economic crashes of years past, and instead claim they could have predicted the crash.
Keep in mind that a fallacious argument does not entail an erroneous position.