Ergodicity economics

How ergodicity reimagines economics for the benefit of us all

The principles of economics form the intellectual atmosphere in which most political discussion takes place. Its prevailing ideas are often invoked to justify the organisation of modern society, and the positions enjoyed by the most wealthy and powerful. Any threat to these ideas could also be an implicit threat to that power – and to the people who possess it. Their response might be brutal. And so it was, after rumours recently spread that a widely known economist had redeveloped much of economic theory, and reached conclusions suggesting that the economic world could be greatly improved if it was radically reorganised. …. [READ]

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