Goods and Services Tax (GST) is a tax reform initiative by the Govt. of India aimed at replacing the current complex structure of indirect taxes with a simplified system. The GST implementation is expected to be effective from July 1, 2017.
The other day while browsing through my feed on Quora, I came across this wonderful concept of economics which can be extrapolated to the realms of psychological decision-making and was surprisingly intrigued by its impact on our lives. The sunk cost fallacy affects us in a subtle manner almost every day and we being completely oblivious to its existence let it get the better of us. However, the mere realisation that it exists can do wonders to our productivity and our decision-making abilities. Continue reading “The trap of the sunk cost fallacy”