Taking Account of Sunk Costs

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Star coteks: Sunk cost is a perennial issue in economic classes. He says economists are proud of taking people as they are, and yet most people struggle with the idea that sunk costs are sunk. Coteks: As an economist i've always found myself thinking on the margin, ignoring my sunkcosts. The legacy of this is still in my being a yin or zynga (self discipline)

Author, economist, and theologian Mary Hirschfeld of Villanova University talks about her book, Aquinas and the Market, with EconTalk host Russ Roberts. Hirschfeld looks at the nature of our economic activity as buyers and sellers and whether our pursuit of economic growth and material well-being comes at a cost. She encourages a skeptical stance about the ability of more stuff to produce true happiness and/or satisfaction. The conversation includes a critique of economic theory and the aspect of human satisfaction outside the domain of economists.