Progressive Post-Keynesian Economics
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Progressive Post-Keynesian Economics

Dealing with Reality

Edited by Jesper Jespersen and Finn Olesen

This book is devoted to the progression of Post-Keynesian economics, taking stock of the previous 10 years of persistent imbalances in many dimensions of macroeconomic ‘reality’. This has given inspiration to Post-Keynesian scholars to make innovative contributions in areas like methodology, macroeconomic modelling and teaching. One challenge discussed in several chapters is how to model a complex macro-system where microeconomic uncertainty is increasing? This aspect is elaborated in a number of contributions which focus on the role of the financial sector and financialization for macroeconomic disruptions. Additional chapters deal with teaching and the use of case-studies for a better understanding of the real world economy.
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Chapter 4: Ergodicity/non-ergodicity or else?

Finn Olesen


Throughout most of his writings Paul Davidson has argued that Keynes broke away from the classical mainstream understanding of his time by rejecting three crucial classical axioms, one of which was ergodicity and acknowledge non-ergodicity. As such, to Davidson, as to a Post Keynesian, one must accept non-determinism if one correctly wants to understand the fundamental impact that ontological uncertainty has on households and firms when they plan, decide and act today with respect to the future. However, recently a substantial critique has been given by Rod O’Donnell and others. In the present paper, some important elements of this critique are discussed.

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