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)
“A little grit in the eye destroyeth the sight of the very heavens, and a little malice or envy a world of joys. One wry principle in the mind is of infinite consequence.”
—Thomas Traherne (1636–1674)