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Goodhart's Law Reference library
The Handbook of International Financial Terms
...'s Law . States that the pursuit by a monetary authority of any monetary target renders it completely meaningless for the purpose for which it is sought. It uses the assumption that once a government reveals the basis upon which it measures money supply, attempts will be made to neutralize the controlling effects that might...
Goodhart’s law Quick reference
A Dictionary of Economics (5 ed.)
...Goodhart’s law The observation by the economist C. Goodhart (b. 1936 ) that when an empirical regularity starts to be exploited as a basis for economic policy, it is liable to break down. This is one application of the Lucas critique , that the observed behaviour of economic systems is affected by the economic policies in force. If the policy regime changes, the behaviour of the economy is liable to change, so that econometric models fitted during earlier policy regimes become unreliable as a basis for predicting the effects of new...
Goodhart’s law Quick reference
A Dictionary of Business and Management (6 ed.)
...’s law Originally, an economic theory stating that if a particular definition of the money supply were to be used as the basis for monetary policy, the stability of its statistical relationship with spending on the economy would break down and the policy would prove ineffective. The law is now used more widely to highlight the problems of focusing on the value of any specific variable as an indicator. In simple terms, when a measure becomes a target, it ceases to be a good measure. The applications to performance measurement in management accounting...
Goodhart’s law Quick reference
A Dictionary of Finance and Banking (6 ed.)
...’s law Originally, an economic theory stating that if a particular definition of the money supply were to be used as the basis for monetary policy , the stability of its statistical relationship with spending on the economy would break down and the policy would prove ineffective. The law is now cited more widely to highlight the problems of focusing on the value of any specific variable as an indicator. In simple terms, when a measure becomes a target, it ceases to be a good measure. The applications to performance measurement in management...
Goodhart's law
fine tuning
performance measurement
fine tuning Reference library
The Handbook of International Financial Terms
...employment levels, fine-tuning allows governments to make adjustments to meet more precise outcomes; for example, rather than setting a range for money supply growth it would involve fixing a particular rate for its growth. Some regard fine-turning as impossible because of Goodhart's law ; others see it as dangerous for governments to commit themselves to such precise policy objectives because of the risk of...
performance measurement Quick reference
A Dictionary of Business and Management (6 ed.)
...the behavioural aspects of management accounting. Another issue is how to link non-financial and financial measures. The balanced scorecard is a recent development that connects non-financial and financial performance measures to a company’s overall strategy. See also Goodhart’s law...
Nuremberg Trials Reference library
Australian Law Dictionary (3 ed.)
...concern the fact that Germany was not a signatory to the laws under which the war crimes were formulated, raising questions of the legitimacy of the exercise in international law (‘Law was created ex post facto to suit the passion and clamor of the time’ (US Justice Douglas); see also criminalisation ); there was no avenue of appeal ; and the questionable neutrality of victors ‘The prisoner has the right to demand that his judges shall be fair, but not that they shall be neutral’ (Professor Goodhart...
Hart, Herbert Lionel Adolphus (1907–92) Reference library
The Continuum Encyclopedia of British Philosophy
...Greats (obtaining a first class) at New College, Oxford. In 1932 Hart practised law at the Chancery Bar although he did not have a degree in law. He continued practising, however, until 1940 , when he temporarily worked with MI5 during World War II, being found unfit for active military service. Hart returned to New College, Oxford in 1945 as a college tutor and was elected as the University of Oxford's Professor of Jurisprudence in 1952 , succeeding Arthur Goodhart . Encouraged to stand for election by J. L. Austin , Hart held this post until 1969...
Ratio decidendi Reference library
The Oxford Companion to the High Court of Australia
...further by the teachings of George Paton in Melbourne and Julius Stone in Sydney. For Paton, ‘the classical view was that the ratio was the principle of law which the judge considered necessary to the decision’ ( Jurisprudence ( 1946 ). This focus on what the judge considered necessary paralleled Goodhart's focus on the facts the judge treated as material; yet in practice, since in common law judicial reasoning a ratio is rarely spelled out explicitly, the analysis must shift to what later interpreters conclude that the judge must logically have...
Precedent Reference library
The Oxford International Encyclopedia of Legal History
...Common Law ; Law Reporting in English Common Law ; and Sources of Law in English Common Law .] Bibliography Allen, Carleton Kemp . Law in the Making . 7th ed. Oxford, U.K.: Clarendon Press, 1964. Cross, Rupert , and J. W. Harris . Precedent in English Law . 4th ed. Oxford, U.K.: Clarendon Press, 1991. Goldstein, Laurence , ed. Precedent in Law . Oxford, U.K.: Clarendon Press, 1987. Goodhart, A. L. “The Ratio Decidendi of a Case.” Modern Law Review 22, no. 2 (1959): 117–124. Lewis, T. Ellis . “The History of Judicial Precedent.” Law Quarterly...
Mason, Anthony Frank (born 21 April 1925) Reference library
The Oxford Companion to the High Court of Australia
...of NSW, a National Fellow at the ANU Research School of Social Sciences, and Chairman of the Advisory Board of the National Institute for Law, Ethics and Public Affairs at Griffith University. He is currently a member of the Advisory Board of the Centre for Comparative Constitutional Studies at the University of Melbourne. Mason's reputation and activities also extend internationally. In 1996–97 , he was Arthur Goodhart Professor in Legal Science at Cambridge University, and in 1989 he was the Leon Ladner Lecturer at the Universities of British Columbia...
Cardozo, Benjamin Nathan (1870–1938) Reference library
The Dictionary of Modern American Philosophers
...Reading Amer Nat Bio, Cambridge Dict Amer Bio, Comp Amer Thought, Dict Amer Bio, Encyc Amer Bio, Nat Cycl Amer Bio v27, Who Was Who in Amer v1 Goodhart, Arthur L. English Contributions to the Philosophy of Law (Oxford, 1949). Kaufman, Andrew L . Cardozo (Cambridge, Mass., 1998). Levy, Beryl H. Cardozo and Frontiers of Legal Thinking (Cleveland, 1969). Noonan, John T. , Jr. Persons and Masks of the Law (New York, 1976). Polenberg, Richard . The World of Benjamin Cardozo (Cambridge, Mass., 1997). Pollard, Joseph P. Mr. Justice Cardozo ...
English Law Reference library
The Oxford International Encyclopedia of Legal History
...Bibliography Baker, John H. An Introduction to English Legal History . 4th ed. London: Butterworths, 2002. Holdsworth, William . A History of English Law . 16 vols. 7th ed. Revised by A. L. Goodhart , H. G. Hanbury , and S. B. Chrimes . London: Methuen, 1956–1966. Milsom, S. F. C. Historical Foundations of the Common Law . 2d ed. London: Butterworths, 1981. David...
engineering and architecture Reference library
Patrick Goode
The Oxford Companion to Architecture
...and structures shown by Le Corbusier—grain elevators, factories, and a bridge (by Eiffel )—do not as a rule require complicated plans; and they are at quite a different scale from, say, houses, or even monumental buildings. In the post-war period, the traditionalist view of Goodhart-Rendel that: ‘Engineering is construction uninfluenced by the exercise of aesthetic choice. Architecture is aesthetic choice exerted not only upon construction but upon the arrangement of what is to be constructed’ ( English Architecture Since the Regency , 1953 , p.259) was...
Phillips Curve Reference library
Thomas M. Humphrey
The Oxford Encyclopedia of Economic History
...the Phillips curve teaches four lessons. One of them is the validity of Steven Stigler's law of eponymy, according to which no scientific discovery is named for its original discoverer; Phillips was far from the first to recognize and analyze the inflation-unemployment relationship associated with his name. More important are the three policy lessons taught by history. First, empirical regularities break down as soon as policymakers try to exploit them (Goodhart's law). The Phillips curve is no exception. Second, there are no long-run inflation-unemployment...
Conveyancing Reference library
The Oxford International Encyclopedia of Legal History
...pp. 353–362; Vol. 15, edited by A. L. Goodhart and H. G. Hanbury , pp. 167–192. London: Methuen, 1923, 1925, 1965. An account, somewhat dated but by no means yet entirely superseded, of methods of conveyancing and statutory reform in the periods, respectively, 1066–1485, 1485–1700, and 1701–1875. Pollock, Sir Frederick , and Frederic W. Maitland . The History of English Law before the Time of Edward I . 2 vols. 2nd ed. 1895. Reissued with a new introduction by S. F. C. Milsom, London: Cambridge University Press, 1968. See Vol. 2, pp. 80–106. A classic...
Human Rights Reference library
Daniel J. Whelan
The Oxford Companion to Comparative Politics
...human-rights protections. Cardenas, Sonia . Conflict and Compliance: State Responses to International Human Rights Pressure . (Philadelphia, 2007). Cardenas, Sonia . “Human Rights in Comparative Politics.” In Human Rights: Politics and Practice , edited by Michael Goodhart , pp. 76–91. (New York, 2009). Davenport, Christian . State Repression and Domestic Democratic Peace . (New York, 2007). Landman, Todd . “Comparative Politics and Human Rights.” Human Rights Quarterly 24 (2002): 890–933. Landman, Todd . Protecting Human Rights: A Comparative...
