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:
“Thus let bygones be bygones. Let past differences, as nothing be.”
—Abraham Lincoln (1809–1865)
“Whether our feet are compressed in iron shoes, our faces hidden with veils and masks; whether yoked with cows to draw the plow through its furrows, or classed with idiots, lunatics and criminals in the laws and constitutions of the State, the principle is the same; for the humiliations of the spirit are as real as the visible badges of servitude.”
—Elizabeth Cady Stanton (1815–1902)