It is natural to correlate fetishism with a sexual connotation, but when Karl Marx discussed the fetishism of commodities, he was instead dictating people’s mysterious notion to enter a social contract of anthropomorphizing commodities.
The flaw that humanity’s approach to probability is that we confuse lack of evidence with proof of certainty.
Conspicuous spending is defined as the purchase of goods and services primarily for showcasing one’s status and economic wealth to society. It is a display of power.
At the end of the day, the sunk cost fallacy is caused by pride, loss aversion, and irrational commitment to past decisions. The sunk cost fallacy makes us stupid. Don’t let it trick you.
There ain’t no such thing as a free lunch. Every economist will tell you this. Why? Opportunity costs!