Quote by Kenneth Arrow on the good society, involuntary unemployment and rational expectations that you may wish to have for future reference.
I think the idea that a society has to be responsible for all of its citizens, those who do well and those who do not, is really a precondition of a good society.
Lars P. Syll’s Blog
Arrow on flawed markets, involuntary unemployment and rational expectationsLars P. Syll | Professor, Malmo University
"Finally, there aren’t enough repetitions to justify rational expectations. The world is changing. We’re not really proceeding on a stationary basis."
ReplyDeleteNon-ergodicity, ontological uncertainty, etc.