An economist educated at a highly regarded university in Cambridge, MA pored over the research and past measures of a particular subject and realized that the measures used were inefficient. The economist learned that unpopular methods of measurement that were already in place could lead to a better understanding of the most cost-effective way to achieve success. With so much money being spent in the economist’s field of study, it was important to determine how to use the resources available in a given organization in order to maximize impact.
The economist started to get noticed and featured in books and news articles. Younger people flocked to learn what this economist was doing and began applying the new methods in their organizations. The old guard rejected the change, holding to traditional measures. When asked about what the economist was doing, they said that trying to use data to predict the actions of individuals was foolish and impossible.
Learn more about this economist in my latest post on the Peace Dividend Trust Blog here.
(Hint: It is not Esther Duflo or any of the other randomistas)