4 ms·
I've always understood the parable of the broken window to be about opportunity costs. I don't see how it was a warning about metrics.
by Dracophoenix 5y ago
I've always understood the parable of the broken window to be about opportunity costs. I don't see how it was a warning about metrics.
- mbar84 5y agoIt's both. I don't think it's too much of a stretch to broaden what he meant by seen/unseen to also refer to econometrics models which incorporate only some things (that can be measured/seen) and not others (that are unmeasured/unseen). The seen/measurable: employment in the production of windows. The unseen/unmeasurable: missing employment in the production of suits.