aCommentators are quick to raise a cry over government action or lack thereof, or whether a disaster could have been averted or its deadly consequences mitigated. This is especially true when many lives are lost and many more are at stake, and society is forced to cope with something terrible...
In economics, sunk costs refer to the costs incurred in the past that cannot be recovered. For example, if a bakery signs an annual lease for property, then the rental cost becomes a sunk cost that is not affected by how m...