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Politics

Gov. Newsom Appeals to the Sunk Cost Fallacy to Promote the Failed Bullet Train

In the world of private enterprise, business owners pay attention to costs already incurred that cannot be recovered, also known as “sunk costs.” Government officials, however, see sunk costs as an incentive to promote public projects where costs clearly outweigh benefits.

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Why do cultures degenerate? Robin Hanson cites biological factors, but Mises and the Austrians point directly to purposeful choices.