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)
“Well, you Yankees and your holy principle about savin’ the Union. You’re plunderin’ pirates that’s what. Well, you think there’s no Confederate army where you’re goin’. You think our boys are asleep down here. Well, they’ll catch up to you and they’ll cut you to pieces you, you nameless, fatherless scum. I wish I could be there to see it.”
—John Lee Mahin (1902–1984)