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Second contribution to the ENE critique: Reply to Davidson, part 1

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  • Rod O’Donnell

Abstract

On first encounter, the ergodic/nonergodic (ENE) approach has apparent plausibility. Although concerned by some of its problems for many years, it was only after more concentrated reflection on both its parts and their combinations that I became aware of its manifold deficiencies, some of which I outlined in my previous critique (O’Donnell, 2014). In this paper, facilitated by Davidson’s (2015b) rejoinder, these criticisms are deepened, broadened, and strengthened. Because the debate deals with fundamental matters in several disciplines, a considerable amount of investigation, unpacking, and logical dissection is required to clarify the argumentation beneath the compressed and seemingly smooth surface of the ENE position. For this reason, my reply is divided into two parts. This contribution primarily examines the central role of framing in ENE arguments, and clarifies the various misunderstandings and misrepresentations to which it leads. The subsequent contribution provides more detailed discussion of mathematical, stochastic, and methodological issues.

Suggested Citation

  • Rod O’Donnell, 2016. "Second contribution to the ENE critique: Reply to Davidson, part 1," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 39(1), pages 17-43, January.
    • Handle: RePEc:mes:postke:v:39:y:2016:i:1:p:17-43
    DOI: 10.1080/01603477.2016.1148617
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    References listed on IDEAS

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    1. Miguel Carrión Álvarez & Dirk Ehnts, 2016. "Samuelson and Davidson on ergodicity: A reformulation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 39(1), pages 1-16, January.
    2. Paul Davidson, 2002. "Financial Markets, Money and the Real World," Books, Edward Elgar Publishing, number 2467.
    3. Harcourt, Geoffrey & Kriesler, Peter (ed.), 2013. "The Oxford Handbook of Post-Keynesian Economics, Volume 1: Theory and Origins," OUP Catalogue, Oxford University Press, number 9780195390766.
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