Formal economics without parallel universes
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This is how Cédric Villani puts it [Birth of a theorem, p.38]:
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Michael Mauboussin recently re-tweeted an article by Jason Zweig in the Wall Street Journal titled “Disturbing New Facts About American […]
This post is about mindset, culture, implicit assumptions. The big assumption in neoclassical economics is ergodicity, or equilibrium, or stationarity, […]
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