I have argued that the uncertainty we have about how we think has important policy implications. But we should not forget a fundamental lesson from rational expectations. The way we think is not set in stone. People learn and eventually adapt.
Even if people are constrained by their cognitive ability and a hardwired need for simple rules of thumb, effective communication and greater common knowledge can override some unconscious biases; make it possible to switch to still simple, but better, rules of thumb; learn more quickly; make more informed decisions; and, ultimately, reach better outcomes.