Tyler Cowen, Columnist

Nothing Measured, Nothing Gained

The first step toward solving some of society’s most intractable problems is to quantify them.

Some indexes get more attention than others.

Photographer: BRYAN R. SMITH/AFP
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Measurement can be a remarkably effective tool for social change. When a new round of international student assessments was released last week, South Korea, Singapore and Finland received plaudits for their strong performance. There was relief in Sweden at its recovery from its earlier fall in the ratings. And the Philippines was put on notice that its performance is unacceptable.

In similar fashion, the World Bank’s Doing Business Index gives countries an incentive to streamline their regulations, while Transparency International’s Corruption Perceptions Index does the same for countries tackling that problem.