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)
“The principle of fashion is ... the principle of the kaleidoscope. A new year can only bring us a new combination of the same elements; and about once in so often we go back and begin again.”
—Katharine Fullerton Gerould (1879–1944)