Tag Archives: sunk-cost fallacy

John Maynard Keynes

The Blockade had become by that time a very perfect instrument. It had taken four years to create and was Whitehall’s finest achievement; it had evoked the qualities of the English at their subtlest. Its authors had grown to love it for its own sake; it included some recent improvements, which would be wasted if it came to an end; it was very complicated, and a vast organization had established a vested interest

John Maynard Keynes, ‘My Early Beliefs’, in Two Memoirs, London, 1949