Time

Created
Wed, 30/07/2025 - 21:00
Updated
Wed, 30/07/2025 - 21:00
Time is what prevents everything from happening at once. To simply assume that economic processes are ergodic and concentrate on ensemble averages — and henceĀ in any relevant sense timeless — is not a sensible way for dealing with the kind of genuine uncertainty that permeates real-world economies. Ergodicity and the crucial distinction between time averages […]

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