S E3: Core Principle 2 - The Opportunity Cost Principle - Or What?
Think Like An Economist
00:00
Sunk Costs Aren't Opportunity Costs
If you haven't practised thinking like an economist, you might find it hard to ignore sank coss when you're making decisions. But you really need to. Once you'll learn about sunk cost you'll be so liberated you'll make better decisions about the present and the future. You'll see how significant opportunity costs are in explaining our decisions. So a bit like let bygones be bygones and focus on the future. Yes, sunk costs aren't opportunity costs.
Transcript
Play full episode
