Being wrong Quote by Thomas Sowell
““It is so easy to be wrong—and to persist in being wrong—when the costs of being wrong are paid by others.””
About This Quote
Source Book: Basic Economics, 2000
People often continue erroneous actions because they avoid personal costs, leaving others to bear the consequences.
In simple terms: Wrong actions persist when others pay the price.
Key Takeaway
Consider the true cost of decisions on all stakeholders.
Themes
responsibility
economics
ethics
decision making
Mood
critical
analytical
Type
philosophical
inspirational
When to use this quote
- policy making
- business strategy
- personal finance
- leadership
Key Concepts
externalities
moral hazard
cost-benefit analysis
Questions to Reflect On
- Who bears the cost of your decisions?
- How can you internalize externalities?
A Different Perspective
Ignoring external costs can cause systemic harm.
