Fail early, fail often. According to my reading, it makes more sense to abort a project destined to fail than to see it to completion and then let it fail. Apparently, it is never too late. For the general populace like me (in contrast to economists), the idea of sunk costs is not immediately obvious. That is probably why Joel (from Fog Creek) argues that all computer programming students take Intro to micro econ in college.
In other news, I believe we are nearing our second encounter with the zeroth step of the project. I might be able to get a project demo from a similar program on Monday. I am excited. :)
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