Beware Of The Concorde Fallacy
In 1956, the Supersonic Transport Aircraft Committee met in England to discuss building a supersonic airliner by British aircraft and engine manufacturers and the government. The project - named Concorde - moved forward, and in 1962 France joined the group. When the wheels came up on the first Concorde commercial flight [...]
Richard Thaler coined Sunk Cost Fallacy in 1980. The Concorde Fallacy was coined in 1956, source unknown.
At any moment in time, the best thing to do depends only on current alternatives. In other words, the only things that matter are the future consequences. Past mistakes are irrelevant, as they are "sunk".
"The sunk cost fallacy has also been called the "Concorde fallacy": the UK and French governments took their past expenses on the costly supersonic jet as a rationale for continuing the project, as opposed to "cutting their losses".
Also relevant: Plan continuation bias