Tag: sunk cost fallacy
The Sunk Cost Fallacy in the War on Terror
“Do you want their deaths to mean nothing?!” I’ve heard this argument a lot when discussing ending the perpetual war on terror. In fact, I was asked this precise question while on a recent panel discussing the merits of waging war on “radical Islam.” The idea behind this argument is easy enough to understand....
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Economics and Resolutions
John Maynard Keynes, perhaps the most influential 20th-century economist, once wrote that economics “is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions.” In other words, economics offers principles to help us make fewer mistakes. Given that many make New Year’s...
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