The McNamara Fallacy

The first step is to measure whatever can be easily measured. This is okay as far as it goes.

The second step is to disregard that which can't be measured or give it an arbitrary quantitative value. This is artificial and misleading.

The third step is to presume that what can't be measured easily really isn't very important. This is blindness.

The fourth step is to say that that which can't be easily measured really doesn't exist. This is suicide.

Daniel Yankelovich, quoted by Adam Smith in Supermoney.