Dealing with Reality
Edited by Jesper Jespersen and Finn Olesen
Chapter 4: Ergodicity/non-ergodicity or else?
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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