Economists getting educated

 The ergodicity problem in economics

How accurate is the ergodic assumption? 

Never perfectly accurate. But it should have some bounded error. Economics is about finding the bounded error. We cannot be perfectly ergodic in self sampled systems. Hence we see economists always revert to godot, some planner who run around invisibly putting time markers on event. 

The puzzle is solved in the trading pits which have some amount of commutativity. They can make an asynchronous ensemble of bets optimally approximately ergodic. They can balance the binomials.

The discussion ends up with Wiener processes and Ito's calculus. Same point I have been making, the basis for sandbox, and method to derive a better Fed contract. I am vindicated.

But the flat earthers left a rail of mis-educated students. like Yglesias.