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The Effects of Being Unique

In August, my husband and I took a weekend to drive to Cincinnati, OH and back from our home in Northern Virginia. It’s an 8 hour trip, meaning 16 hours in two days. We undertook this adventure to pick up the newest member of our family, a female German Wirehaired...

Sunk Costs and the Cultural Mandate

When we last discussed the topic of “sunk costs,” you might have thought that this is too good to be true. We said that stewardship requires that we understand the economic concept of sunk costs. When you think about commitments you have that are draining your...

No Really, There Is No Free Lunch

In our previous discussion about sunk costs, we said that we ought to consider the sunk costs compared to the future value and the opportunity costs. This process is essential to helping us be good stewards of our resources. While we discussed future value a bit, we...

Sunk Costs: When It’s OK to Walk Away

Don’t be wasteful. Recycle. Eat all the food off your plate because there are starving kids in Africa who wish they had that food. All our lives we have been taught to be good stewards of our resources—specifically, by not being wasteful. Generally speaking, this is a...

Why No One Invited the Economist to the BBQ

There is a joke for those who work in and around economics that when it comes to telling someone what you do for a living, it might as well be chemistry or mechanical engineering. People tend to lump all off these sciences together because they seem to impact their...