Thursday, May 14, 2009
Sunk Costs are Sunk
"Sunk costs are sunk" - is this idiom practiced or only preached? Was my case the opportunity cost of walking up the stairs too great (seeing as I already had a substitute) or was I making my decision based on sunk costs?
Compared with the totality of knowledge which is continually utilized in the evolution of a dynamic civilization, the difference between the knowledge that the wisest and that which the most ignorant individual can deliberately employ is comparatively insignificant. ~Fredrich Hayek in The Constitution of Liberty