An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Wednesday, November 23, 2016
Lars P. Syll — What is ergodicity?
The post explains what this means.
Lars P. Syll’s Blog What is ergodicity? Lars P. Syll | Professor, Malmo University
There is no magic wand, but raising the level of understanding of math and statistics can help people to know how to win and understand their risk of losing without magical thinking. More sophisticated reasoning is needed to look at problems from multiple dimensions using nonlinear thinking and an admission that certain ideas make no sense sometimes, that no policy preference exists within certain bounds. And more than a superficial admission that the same policy has a chance of leading to very good and very bad outcomes due to chance, unknown variables and changing conditions.
To analyze ideas, like fiscal space, thinking about trade, pollution, employment, subsidy and rent, domestic or foreign without pursuing policies that are least likely to benefit most while creating conditions that ensure better outcomes we have to get people broadly across the field of economics past 17th century calculus and into the 19th and 20th century. To me that means the university systems need reformed, god help us, through that quagmire of intransigent people.
There is no magic wand, but raising the level of understanding of math and statistics can help people to know how to win and understand their risk of losing without magical thinking. More sophisticated reasoning is needed to look at problems from multiple dimensions using nonlinear thinking and an admission that certain ideas make no sense sometimes, that no policy preference exists within certain bounds. And more than a superficial admission that the same policy has a chance of leading to very good and very bad outcomes due to chance, unknown variables and changing conditions.
ReplyDeleteTo analyze ideas, like fiscal space, thinking about trade, pollution, employment, subsidy and rent, domestic or foreign without pursuing policies that are least likely to benefit most while creating conditions that ensure better outcomes we have to get people broadly across the field of economics past 17th century calculus and into the 19th and 20th century. To me that means the university systems need reformed, god help us, through that quagmire of intransigent people.