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These barriers are known in behavioral economics as "friction," said Dan Ariely, a psychology and behavioral economics professor at Duke University and a founding member of the Center for Advanced Hindsight.

Because even behavioral economics sometimes sees it as rational and scientific, and any deviation from it needs to be explained as some weird paradox.

Thomas Piketty and his colleagues work on economic inequality, Alan Krueger and David Card work on minimum wage, Kahneman works on behavioral economics.

Jones and I were talking about this complicated relationship between peril and the human psyche the other day, which she has studied for years, digging into “all the research on psychology and behavioral economics — on how people make decisions about risk.”

“People are starting to think through needs versus wants a little bit more,” Elizabeth Schwab, founding chair of The Chicago’s School’s graduate behavioral economics program, said.