Bayesianism And Non-Ergodicity In Economics
by Philip Pilkington
Article of the Week from Fixing the Economists
Bayesianism is rather irritating because it allows adherents to try to avoid the Post-Keynesian criticisms regarding the heterogeneous nature of historical date which leads to its non-ergodic nature and the consequent problems with fundamental uncertainty. Because the Post-Keynesian critiques are usually aimed at frequentist interpretations of probability they often appear to be superficially overcome when arguing with a Bayesian. This, however, is categorically not the case.
Source: http://econintersect.com/pages/analysis/analysis.php?post=202106170218
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