Do we let metrics run our lives? That’s the worry of Jerry Z. Muller, author of The Tyranny of Metrics.
In a 10-minutes conversation with The Bookmonger, Muller explains the use and abuse of metrics, how he as a history professor became interested in the subject, and how ordinary people can tell the difference between good and bad metrics.
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He is not at all kidding about damage in the private sector, either. When one takes the measurements and bases salary bumps, raises, bonuses, and stock options on them, the people in charge will very quickly figure out how to maximize those measurements. Can you say Enron? And that led to Sarb-Ox. And that led to a crappy economy for years.