Re: [Fwd: nobel]

[Sven R Larson <slarson@xxxxxxxxxxxx>]

Paul,

Ten gallons of gasoline sold at $1.51 pr gallon is ten gallons of
gasoline sold at $1.51 pr gallon, irrespective of whether the world is
ergodic or not. What matters is the additional empirical methods we
have - e.g., the interview method mastered by e.g. Blinder and Bewley.
They detect the role of uncertainty much better than any other
empirical method.

Stop bursting through open doors, Paul!

Keynes,
/srl

Paul Davidson wrote:
> Since I reject the ergodic hypothesis for all important time series
> variable analysis-- I can not say any good things about such an
> analysis   But, without always realizing the implication of what
> they are saying the findings of many mainstream economists , e.g.,
> Christiano and Eichenbaum [ "Unit Roots in GNP? Do We Know and Do We
> Care?" CARNEGIE-ROCHESTER CONFERENCE ON PUBLIC POLICY, VOL. 32,
> edited by A. Meltzer], indicate that econometric analysis of past
> time series data may--at best be descriptive of historical events--
> but that is all.
>
> Sorry Sven --
>
> Paul
> Paul Davidson
> Editor, JOURNAL OF POST KEYNESIAN ECONOMICS
> Economics Department - University of Tennessee
> 503 SMC
> Knoxville, Tennessee 37996-0550
> work phone: (865) 974-4221
> fax: (865) 974-4601/  (865) 974-1686
> home phone and fax (865) 692-0802
> http://econ.bus.utk.edu/davidsonextra/Davidson.html

--
Dr. Sven R Larson
Department of Economics
Skidmore College
815, North Broadway
Saratoga Springs, NY 12866
(518) 580-5278