'Ergodicity Economics' is Pseudoscience

Alexis Akira Toda

Papers from arXiv.org

Abstract: In a series of papers, Ole Peters and his collaborators claim that the 'conceptual basis of mainstream economic theory' is 'flawed' and that the approach they call 'ergodicity economics' gives 'reason to hope for a future economic science that is more parsimonious, conceptually clearer and less subjective' (Peters, 2019). This paper argues that 'ergodicity economics' is pseudoscience because it has not produced falsifiable implications and should be taken with skepticism.

Date: 2023-06
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-mfd
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