📖 Definition Goodhart’s Law: “When a measure becomes a target, it ceases to be a good measure.” Coined by Charles Goodhart, a British economist, in 1975 while discussing monetary policy. He noticed that once governments set a metric (like money supply growth) as a target, people’s behavior changed in ways that made the metric unreliable. 🔎 Core Idea Metrics are not reality. They’re only proxies for something we care about. Once people are judged, rewarded, or punished by a metric, they will op

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Immigration Control and Prices. Consider the market for raspberries. Suppose a new law outlaws the use of foreign farm workers on raspberry farms, and the wages paid to farm workers increase as a result. Use a demand and supply graph to predict the effects of the higher wage on the equilibrium price and quantity of raspberries. Arrow up or down: The equilibrium price of raspberries will and the equilibrium quantity of raspberries will | Numerade