The bygones principle is an economic theory used in business. Economists stress the "extra" or "marginal" costs and benefits of every decision. The theory emphasizes the importance of ignoring past costs and only taking into account the future costs and benefits when making decisions. It states that when making a decision, one should make a hard-headed calculation of the extra costs one will incur and weigh these against its extra advantages.
Read more about this topic: Sunk Costs
Famous quotes containing the words bygones and/or principle:
“I am slow to listen to criminations among friends, and never espouse their quarrels on either side. My sincere wish is that both sides will allow bygones to be bygones, and look to the present & future only.”
—Abraham Lincoln (1809–1865)
“The more the specific feelings of being under obligation range themselves under a supreme principle of human dependence the clearer and more fertile will be the realization of the concept, indispensable to all true culture, of service; from the service of God down to the simple social relationship as between employer and employee.”
—Johan Huizinga (1872–1945)