Goodhart's Law is one of those neat formulations that codifies something I've been trying to put my finger on for years: "once a social or economic indicator or other surrogate measure is made a target for the purpose of conducting social or economic policy, then it will lose the information content that would qualify it to play such a role."
That is, once you start measuring GDP as a way of gauging social welfare, people will start to figure out ways to make GDP go up without improving social welfare (say, by swapping dirty financial derivatives). Once Google starts measuring inbound links as a way of evaluating the importance of web-pages, people will figure out how to increase the inbound links to unimportant pages (splogging, blogspam). And once you measure fat or calorie content as a proxy for the healthfulness of food, manufacturers will figure out how to decrease fat and calories without making the food more healthful (reducing fat by adding sugar, reducing calories by adding poisonous artificial sweeteners).
The law was first stated in a 1975 paper by Goodhart and gained popularity in the context of the attempt by the United Kingdom government of Margaret Thatcher to conduct monetary policy on the basis of targets for broad and narrow money, but the idea is considerably older. It is implicit in the economic idea of rational expectations. While it originated in the context of market responses the Law has profound implications for the selection of high-level targets in organisations.
Though India’s independent telcoms regulator has banned services like Facebook’s “Free Basics” — which bribed phone companies to exempt Facebook’s chosen services from the carriers’ punishing data-caps — the debate rages on, as Free Basics has taken hold through many poor countries around the world.
“Bentonite Me Baby” is a brand of “detox clay” that you spread on your face, or eat, to rid your body of mysterious, nonspecific “toxins.” It is full of lead.
Last December, Vtech, a crapgadget/toy company, suffered a breach that implicated the data of 6.3 million children, caused by its negligence toward the most basic of security measures.
Projects will always need management. And now with the tech gold rush it feels like there are more projects than ever with fewer managers than there’s demand for. But it takes too much time and money to go back to school full time so luckily the Project Management Professional certification training course is now 96% […]
If you’ve been blessed enough to avoid them yourself, you’ve definitely heard the horror stories. Late night, crushing out a ton of work, writing, coding, anything, then boom – your computer crashes. The battery blows, you spill water or coffee all over the place, or it just shuts down with no explanation, and you’re screwed. […]
You travel around a lot. It might be that jet set life from New York to LA to London to Tokyo, or it might be back and forth from the coffee shop to the office, or from the kitchen to the couch. Any which way, you’re mobile and that’s the way to live. When you […]