tag:blogger.com,1999:blog-26706564.post7878460761166080869..comments2020-05-25T20:44:19.415-04:00Comments on Thoughts On Economics: Nonergodicity And The Butterfly EffectRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-26706564.post-67376938570005005452010-11-10T17:17:56.791-05:002010-11-10T17:17:56.791-05:00You claim dynamics are searching through nonequili...You claim dynamics are searching through nonequilibrium price-quantity pairs for equilibrium. Nobody uses it this way -- dynamics are part of the equilibrium. Since you can't prove that supply and demand aren't always equal, your emperor has no clothes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-26706564.post-80262546828442876692010-09-14T14:46:36.211-04:002010-09-14T14:46:36.211-04:00Further, in the actual problem domain, the set of ...Further, in the actual problem domain, the set of possible trajectories evolves in historical time, and that evolution is dependent in part on the trajectory.<br /><br />We know from empirical observation that economic development in the real world contradicts the definition of an ergodic process ... working out precisely how little of what we know about the economy can be retained and still reject the definition is of intellectual interest, but its more in the nature of a mathematical question than a scientific one.BruceMcFhttps://www.blogger.com/profile/08502035881761277885noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-14799521481721303132010-09-12T09:44:19.277-04:002010-09-12T09:44:19.277-04:00And, indeed, talking about fixed points without wo...And, indeed, talking about fixed points without worrying about dynamics is one of the reasons I find much of orthodox economics quite <i>in</i>credible.Cosma Shalizihttp://bactra.org/weblog/noreply@blogger.com