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Goodhart's Law
Goodhart's law is an adage often stated as, "When a measure becomes a target, it ceases to be a good measure". It is named after British economist Charles Goodhart, who is credited with expressing the core idea of the adage in a 1975 article on monetary policy in the United Kingdom: It was used to criticize the British Thatcher government for trying to conduct monetary policy on the basis of targets for broad and narrow money, but the law reflects a much more general phenomenon. Priority and background Numerous concepts are related to this idea, at least one of which predates Goodhart's statement. Notably, Campbell's law likely has precedence, as Jeff Rodamar has argued, since various formulations date to 1969. Other academics had similar insights at the time. Jerome Ravetz's 1971 book ''Scientific Knowledge and Its Social Problems'' also predates Goodhart, though it does not formulate the same law. He discusses how systems in general can be gamed, focuses on cases where the goa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charles Goodhart Delives The 2012 Long Finance Conference Keynote Speech
Charles is a masculine given name predominantly found in English and French speaking countries. It is from the French form ''Charles'' of the Proto-Germanic name (in runic alphabet) or ''*karilaz'' (in Latin alphabet), whose meaning was "free man". The Old English descendant of this word was '' Ċearl'' or ''Ċeorl'', as the name of King Cearl of Mercia, that disappeared after the Norman conquest of England. The name was notably borne by Charlemagne (Charles the Great), and was at the time Latinized as ''Karolus'' (as in ''Vita Karoli Magni''), later also as '' Carolus''. Some Germanic languages, for example Dutch and German, have retained the word in two separate senses. In the particular case of Dutch, ''Karel'' refers to the given name, whereas the noun ''kerel'' means "a bloke, fellow, man". Etymology The name's etymology is a Common Germanic noun ''*karilaz'' meaning "free man", which survives in English as churl (< Old English ''ċeorl''), which developed its de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marilyn Strathern
Dame Ann Marilyn Strathern, Dame Commander of the Most Excellent Order of the British Empire, DBE, Fellow of the British Academy, FBA (née Evans; born 6 March 1941) is a Great Britain, British anthropology, anthropologist, who has worked largely with the Mount Hagen people of Papua New Guinea and dealt with issues in the United Kingdom, UK of reproductive technologies.Video Recording of Marilyn Strathern by Alan Macfarlane 6 May 2009. She was William Wyse Professor of Social Anthropology at the University of Cambridge from 1993 to 2008, and Master (college), Mistress of Girton College, Cambridge from 1998 to 2009. Early life Marilyn Strathern was born to Eric Evans and Joyce Evans in North Wales on 6 March 1941.[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adages
An adage (; Latin: adagium) is a memorable and usually philosophical aphorism that communicates an important truth derived from experience, custom, or both, and that many people consider true and credible because of its longeval tradition, i.e. being handed down generation to generation, or memetic replication. Variations and nature An adage may warn against a failure to plan, be interesting observations, ethical rules, or skeptical comments on life in general, such as "do not count your chickens before they hatch", "do not burn your bridges", and . Some adages are products of folk wisdom that attempt to summarize a basic truth; these are generally known as "proverbs" or "bywords". An adage that describes a general moral rule is a "maxim". A pithy expression that has not necessarily gained credibility by tradition, but is distinguished by especial depth or excellent style is denominated an "aphorism", while one distinguished by wit or irony is often denominated an "epigram ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1975 In Economics
It was also declared the ''International Women's Year'' by the United Nations and the European Architectural Heritage Year by the Council of Europe. Events January * January 1 - Watergate scandal (United States): John N. Mitchell, H. R. Haldeman and John Ehrlichman are found guilty of the Watergate cover-up. * January 2 ** The Federal Rules of Evidence are approved by the United States Congress. ** Bangladesh revolutionary leader Siraj Sikder is killed by police while in custody. ** A bomb blast at Samastipur, Bihar, India, fatally wounds Lalit Narayan Mishra, Minister of Railways. * January 5 – Tasman Bridge disaster: The Tasman Bridge in Hobart, Tasmania, Australia, is struck by the bulk ore carrier , killing 12 people. * January 7 – OPEC agrees to raise crude oil prices by 10%. * January 10–February 9 – The flight of ''Soyuz 17'' with the crew of Georgy Grechko and Aleksei Gubarev aboard the ''Salyut 4'' space station. * January 15 – Alvor Agreement: Portugal an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
