tag:blogger.com,1999:blog-6245381193993153721.post7732582799665235353..comments2024-03-28T17:08:15.784-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: Davidson on “Reality and Economic Theory”Lord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6245381193993153721.post-58737097347264317312013-07-11T12:30:33.252-07:002013-07-11T12:30:33.252-07:00Rob Rawlings@July 11, 2013 at 11:51 AM
What you h...Rob Rawlings@July 11, 2013 at 11:51 AM<br /><br />What you have said is entirely consistent with a Post Keynesian theory of decision making under uncertainty/risk.<br /><br />Most people simply do not care or even know about technical distinctions between the ergodic/non-ergodic phenomena.<br /><br />They simply act under intuition, instinct, fashions and fads, under institution influences, habits, and conventions.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-70939051624712819482013-07-11T11:51:46.088-07:002013-07-11T11:51:46.088-07:00Maybe I'm just being ignorant on this issue bu...Maybe I'm just being ignorant on this issue but people make decisions in the present based on their views about a largely uncertain future. My point is that its their subjective views about this future and the various possibilities that it contains that counts. Whether some aspects of this future are objectively ergodic or not seems totally irrelevant.Rob Rawlingsnoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-59271028004267201812013-07-10T22:58:57.749-07:002013-07-10T22:58:57.749-07:00That's because you buy things with which you c...That's because you buy things with which you could presume ergodic probabilities (i.e., you are reasonably certain that the cost of milk and bread won't fall or rise significantly). In case that you traded stocks or currencies on forex that would have been a far more dangerous presumption. Roman P.https://www.blogger.com/profile/17384153967221979673noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-73268168808570510252013-07-10T13:40:10.507-07:002013-07-10T13:40:10.507-07:00"The epistemological problem facing every eco..."The epistemological problem facing every economic decision maker is to determine whether (a) the phenomena involved are currently governed by probabilities that can be presumed ergodic – at least for the relevant future, or (b) nonergodic circumstances are involved.”"<br /><br />Really ? I shall bear that in mind next time I'm buying something. I'd just been relying on my subjective evaluations of the utility of buying v not-buying until now.Rob Rawlingsnoreply@blogger.com