Sunk Cost Fallacy - A Thinking Error
J oe Biden is playing with the rotating globe in his desk at the oval office. His critics are hysterically shrieking on the TV screen," by Jove, The US spent two trillion-dollar over two decades on the war in Afghanistan. That's 300 million dollars per day and legacies of four presidents! America can't throw away all that. " Biden bides his time and proffers to his aide- " That money is already gone - down the drain. We have lost the taxpayers' money, whether we stay or leave. That sunk cost should not play a role in our decision. A decision to stay the course is not decision-making. A decision to change course is decision-making-by-the-balls. " His aide twists his face as if he bit off a lemon wedge and whimpers a lame " Yes, Mr. President, you are so prescient ! Sunk cost fallacy is the only accounting principle that doesn't account for today's costs but our past Karma ! Sunk cost fallacy is a thinking error. The sunk cost fallac...