Hey econ students, can you spot the Sunk Cost Fallacy here? #teachecon
Here's how @BetseyStevenson and I explain the problem of sunk costs in our Principles of Economics textbook:
By the way, there's a rich history of politicians committing the sunk cost fallacy as they argue for their preferred outcomes. #teachecon
Here's Bush v. Obama on Iraq:
Look hard enough, and you can even spot Honest Abe committing the sunk cost fallacy in the Gettysburg Address.
275 words; 21 of which were committing the sunk cost fallacy. The Gettysburg address is 7.6% logical error (and 92.4% pretty great).
And here's the contemporary example of the sunk cost fallacy that I'm planning to use with my students this year.
Just goes to show that you can draw a straight line from Lincoln to Bush to Trump to Spring Break in Florida.
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