Are we Goodhart-ed? Some questions for pandemic times

In monetary theory, Goodhart’s Law states that “when a measure becomes a target, it ceases to be a good measure.” That is because people, and even governments and other organizations start gaming the target. Named after Charles Goodhart, Emeritus Professor at the London School of Economics, and a former Chief Adviser and External Member of the Monetary Policy Committee at the Bank of England, who had propounded it, Goodhart’s Law was originally formulated in the context of monetary policy during the Thatcher years. But its utility goes beyond monetary policy in explaining various phenomena where targets are met, but underlying performance is poor. Continue reading “Are we Goodhart-ed? Some questions for pandemic times”


Reading in times of Covid-19

I read in today’s (4 April 2020) Mint, the financial newspaper (unfortunately behind a paywall, so not giving the link), what different authors are reading during the current corona lockdown. That inspired me to make my own list. My region might not lift the lockdown so soon given that the government is going in for a phased exit. I have, therefore, a modified list. Continue reading “Reading in times of Covid-19”


Blogging in times of Covid-19

Blogging in times of corona

I think it was Bertrand Russell (or maybe it was Bernard Shaw) who in the introduction to one of his books speculated as to what an exiled Greek statesman or a Chinese bureaucrat would have done in the olden days. A discredited Greek statesman, according to him, would have gathered a motley group of warriors and organized a revolt against the city state. On the other hand, a discredited Chinese official would have retired to the hills and written poetry. Continue reading “Blogging in times of Covid-19”


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