Sure, I absolutely agree that that specialization and trade very often makes all participants better off. I only claim that not all financial transactions are this, and I claim that many beneficial behaviors are not tracked financially.
Financial aggregates are only a proxy for what we want, and our current common measures have been Goodhart-ed to the extent that they’re actively misleading on many topics. I hold little hope for adding other measurements, and I recognize that Goodhart will apply to them as well, but it would be nice if people were more cognizant that money != value.
Sure, I absolutely agree that that specialization and trade very often makes all participants better off. I only claim that not all financial transactions are this, and I claim that many beneficial behaviors are not tracked financially.
Financial aggregates are only a proxy for what we want, and our current common measures have been Goodhart-ed to the extent that they’re actively misleading on many topics. I hold little hope for adding other measurements, and I recognize that Goodhart will apply to them as well, but it would be nice if people were more cognizant that money != value.