Non-ergodicity and time irreversibility (wonkish)

30 June, 2013 at 19:45 | Posted in Economics, Statistics & Econometrics | 1 Comment

As yours truly has argued – e.g. here, here and here – time irreversibility and non-ergodicity are  extremely important issues for understanding what are the deep fundamental flaws of mainstream neoclassical economics in general.

Ole Peters presentation at Gresham College gives further  evidence why expectation values are irrelevant for understanding economic systems in specific.

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1 Comment

  1. There remain two questions:

    Why does he not mention Paul Davidson´s non-ergodic principle?

    Why does he not mention the Goedeler´s theorem wicht outlines that also mathematical approaches have their limits an cannot show evidence at all? Instead he is gloryfying mathematical methods as the universal method.


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