Fwd: Re: Piorot on Madrick - Winslow's blast

[Paul Davidson <pdavidson@xxxxxxx>]

> Date: Mon, 16 Sep 2002 12:36:16 -0500
> To: Ian Murray <seamus2001@xxxxxxxxx>
> From: Paul Davidson <pdavidson@xxxxxxx>
> Subject: Re: Piorot on Madrick - Winslow's blast
>
> At 08:58 AM 9/16/02 -0700, you wrote:
>
> > - The future's
> > indeterminacy is the reason for our ineradicable uncertainty; however we
> > have no
> > need to fear that such uncertainty would lead to decision paralysis
> > -which is
> > something Ted leans towards. 
>
>
> Nonergodic uncertainty leads to a decision to become more liquid -- not a
> decision paralysis at all.  A  decision not to invest in real
> capital goods (or a consumer decision not to buy a house, a car, etc) is
> a decision to be more liquid than if one invested  in such durables
> -- since in the later case, the investor would either have to borrow the
> investment funding through financial markets or use previous savings held
> in liquid assets or both.
>
> I shall not get involved in what you refer to as a minor quibble 
> about what is nonergoidic uncertainty is an ontological concept -- or
> rather a class defined under your "ontological indeterminacy"
> -- since, if it is a minor quibble, it merely detracts from the important
> point that fear of a nonergodic uncertain future stimulates a positive
> decision to become more liquid.
>
> > There are indeterministic readings of
> > complexity
> > theory available in the philosophy of science literature that effectively
> > deal
> > with the way John is using deterministic chaos/complexity/computability
> > theory.
>
>
> The question for animal spirits view is whether the future is
> transmutable by human actions-- not whether it is indeterminant in your
> sense (or what you claim is John's sense).
>
> Paul

Paul Davidson

Editor, JOURNAL OF POST KEYNESIAN ECONOMICS

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