The 'sunk cost fallacy' means that once we’ve committed to a course of action, we find it very difficult to deviate from it, especially if we've invested considerable resources into our actions.
Even if things are no longer working out as planned, we struggle to change.
Even if things are no longer working out as planned, we struggle to change.
Think about Brexit crashing the economy, the rise of the Far Right, increasing inequality, catastrophic man-made climate change, & of course, all those investing time in irresponsibly arguing that it was migrants who caused our problems, or #COVID19 isn't really that dangerous.
Or take Rishi Sunak’s notorious “eat out to help out” scheme in the summer, designed to reinvigorate the hospitality sector. It cost us £849 million & came to represent a celebration for beating the virus.
Yet “eat out to help out” may have actually increased infection rates.
Yet “eat out to help out” may have actually increased infection rates.
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