The blog Stumling and Mumbling has an interesting expansion here on what I labelled 'The Protestant Work Ethic Fallacy' in my recent post on doing Philosophy on weblogs...that's the misleading assumption that putting more thought in always gives us better results. The three main points made there (with links) are:
1) Quick judgments can often work well.
2) Thinking and gathering information can increase our chances of making particular kinds of mistake (e.g. overconfidence in our position)
3) In one of the few areas where it is easy to compare the results of laborious thinking with its absence, the field of fund management, active management seems to produce worse results on average than other options.
Which is not, of course, to say that hard thinking work is always a waste of time. But it doesn't guarantee anything; and, perhaps counterintuitively, it can produce worse results in some cases. The Protestant Work Ethic Fallacy is only a fallacy when it involves the assumption that longer and harder work always leads to better results...