While in the waiting room at a clinic, I read the following in the January 16th issue of The Economist:
Simon Anholt, an analyst, heroically estimates the value of the “Obama effect” on America’s global brand at $2.1 trillion. Each year, Mr Anholt commissions a poll of 20,000-40,000 people to find out how much they admire various countries’ people, culture, exports, governance, human-rights record and so on. He finds that admiration in one area often translates (illogically) into admiration in others. When George Bush was president, foreigners expressed less positive views of American goods, services and even the landscape. Under Mr Obama, he finds, America is once again the most admired country in the world (having slipped to seventh place in 2008). Using the same tools that consultants use to value brands such as Coca-Cola or Sony, he guesses that the value of “Brand America” has risen from $9.7 trillion to $11.8 trillion. Writing in Foreign Policy magazine, Mr Anholt calls this “a pretty good first year”. (source)
This is a good example of a cognitive bias called the Halo Effect. It can apply to individuals, groups, things, and even abstract concepts like brands or ideologies.
For more on the Halo Effect, see:
See also: Rationality Resources