Ergodicity — a questionable assumption (wonkish)

Created
Sun, 05/05/2024 - 19:08
Updated
Sun, 05/05/2024 - 19:08
. Paul Samuelson once famously claimed that the ‘ergodic hypothesis’ is essential for advancing economics from the realm of history to the realm of science. But is it really tenable to assume — as Samuelson and most other mainstream economists — that ergodicity is essential to economics? Sometimes ergodicity is mistaken for stationarity. But although […]

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