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.
Economic policies are often gamed by individuals for personal benefit. In this episode, we explore how this gaming takes place and what economics can do about it. To do that, we're joined again by W. Brian Arthur, External Professor at the Santa Fe Institute, and Researcher at the Palo Alto Research Center, formerly Xerox PARC.
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This show is produced in collaboration with Wavelength Creative. Visit wavelengthcreative.com for more information.