Evolutionary biologist Richard Dawkins once described the sunk cost fallacy as the “Concorde fallacy” (see below). In plain English, this fallacy can be summed up as follows: “Don’t cling to a mistake just because you have already spent a lot of time and money making it.” By way of example, check out this report by Michael Sheetz about NASA’s costly Artemis lunar mission. Among other things, NASA’s Inspector General Paul Martin is quoted as saying: “We found that the first four Artemis missions will each cost $4.1 billion per launch, a price tag that strikes us as unsustainable.” Perhaps we should now call it the Artemis fallacy.
- 412,766 hits
This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.
Blogs I Follow