[Pen-l] FYI: Skidelsky on Keynes

["Julio Huato" <juliohuato@xxxxxxxxx>]

Jim wrote:

> Yes, _in practice_ people (including Keynes) assume ergodicity as part
> of a convention. But when Keynes was doing serious theoretical
> thinking (when he was examining the world as an economist rather than
> participating in the world as a speculator), he did not make that
> assumption (at least according to Davidson et al.)

Jim,

With all due respect, *think* about it.

How can *anybody* lead a life without the ergodic assumption,
including Keynes and his followers?

*Therefore*, how can any macroeconomic theory dispense with the
ergodic assumption altogether?

What would you put in the place of the ergodic assumption instead?

What else is there to form one's expectations but experience, history
-- interpreted one way or another?
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