The Law of Supply and the Determinants of Supply
14:31
YouTubeJason Welker
The Law of Supply and the Determinants of Supply
This lesson introduces the concept of supply, the law of supply and the determinants of supply. Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and ...
114K viewsSep 10, 2015
Law of supply Economic Definition
📖 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
📖 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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