Model
Path Dependence
quote
In these scenarios, you need to keep up with your "payments" or else the debt can become overwhelming: the out-of-control messy house, the expanding waistline, or the deteriorating relationship. These outstanding debts impact your long-term flexibility. The general model for this impact comes from economics and is called path dependence, meaning that the set of decisions, or paths, available to you now is dependent on your past decisions.
From
Chapter:
Anything That Can Go Wrong, Will
Section:
It's Getting Hot In Here
