How Economic Policies Are Gamed

@created:: 2024-01-24
@tags:: #lit✍/🎧podcast/highlights
@ref:: How Economic Policies Are Gamed
@author:: Simplifying Complexity

2024-01-13 Simplifying Complexity - How Economic Policies Are Gamed

Book cover of "How Economic Policies Are Gamed"




(highlight:: Goodhart's Law: All Systems Will be Gamed
Any system with performance criteria, whether it's related to university activities, rating government departments, horse racing, crime rates, medical outcomes, or government budgets, will inevitably be manipulated to achieve favorable results.
This phenomenon is encapsulated in Goodhart's Law, which states that once a measure becomes a target, it ceases to be a good measure. The speaker derived the title 'All Systems Will be Gamed' from this principle.
Speaker 1
So just about everything at a university can be gamed and any system that's rating things, rating government departments can be gamed. The famous law known as good heart's law but it basically says any performance criteria you apply whether it's to horse racing or crimes per thousand or medical outcomes or government Budgets will be gamed against. And from that I got my title all systems will be gamed.)
- Time 0:20:23
- snipdpost-queue, goodharts_law, incentives, perverse_incentives,