Ep. 675: Jerry Muller Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 13 July 2018

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Jerry Muller, a professor of history at The Catholic University of America, where he has taught since 1984. His latest book is “The Tyranny of Metrics.” Quantifying metrics can be a good thing, however, it can easily go too far and have great consequences. Jerry sees pitfalls of focusing too much on metrics everywhere – schools, hospitals, even venture capital. Children gear their learning toward beating a test rather than intellectually developing their mind. Doctors fixate on standardized performance measures, rewards and punishment, and publicized accountability. The system encourages and sometimes requires doctors to game the system. Venture capitalism, the very field where creativity should prosper, tends to foster an anti-creative atmosphere. Investors want to see data to back up a new product so they can see proof of a future profit.

The topic is his book The Tyranny of Metrics.

In this episode of Trend Following Radio we discuss:

Intrinsic motivation
Tyranny of metrics
Metric fixation
Metrics in law enforcement
Metrics in health industry
Managerial ideology
Powerpoint presentations
Metrics in China

Jump in!

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I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can’t get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

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0:00.0	This is Trend Following Radio, where great thinking comes alive.
0:10.9	Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.
0:21.2	I am your host, Michael Coval.
0:24.0	Not filtered, raw, honest.
0:27.3	That's my passion.
0:33.4	Before I dive into my guest today, I have a request.
0:38.2	This probably sounds like a broken record, but it's actually not.
0:41.7	It's new for 2018, the first 10 people that write a review on Amazon.com.
0:48.8	Only Amazon.com.
0:50.3	I'm sorry.
0:51.0	No other country or dot whatever, just dot com.
0:53.9	The first 10 people that write a review of my
0:56.3	newest edition of trend following. That's the 2017 edition. Any other edition? I'm sorry this
1:03.1	offer doesn't count. I appreciate you saying nice words about some other edition. I'm talking right now.
1:09.3	Amazon.com, newest edition of trend following, write a review.
1:12.8	First 10 people that do, I will gladly send you a free copy of my audiobook for that same
1:19.3	title, a free audiobook that works on audible.com.
1:24.2	That's the offer, real simple.
1:25.9	Those are the rules.
1:46.2	The first 10 reviews that show on Amazon. That's it. Real simple process. Now, past my little personal Michael Cavell advertisement. My guest today is Jerry Mueller. He's the author of many books, including The Mind and the Market, Capitalism and Modern European Thought, Adam Smith in his time and ours, and his newest book, the one we're going to talk about today, the tyranny of
1:51.8	metrics. Jerry poses the point how the obsession with quantifying human performance
1:58.6	threatens our schools, medical care, businesses, and government.
	...

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