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Nozick on Sunk Costs

Robert Nozick challenges the view of sunk costs held by economists,2 a view which has for about a century been considered an established part of economic theory. Nozick produces arguments which, he believes, show the untenability of "the economists' doctrine that sunk costs should be ignored" (p. 22). In this article I argue that Nozick's criticisms fail and that the economists' doctrine emerges unscathed.