Mark Kirstein @[email protected]

#ErgodicityEconomics #Geoeconomics Scientific Editor @Zeitschrift_WD OwnViewsHere @ysi_commons prvsly @mpiMathSci @ifso_due @LdnMathLab

[Mark Kirstein @[email protected] @nonergodicMark]

Only few witness a scientific breakthrough during their PhD. I was attentive enough to realise #EE is one. From that time on myriad of scientific puzzles wait for you. I intend to solve (at least) one of them during my DAAD PRIME time ;).
non-#ergodicity
https://t.co/yO6f1Dyf5W

[Mark Kirstein @[email protected] @nonergodicMark]

@pat_kaczmarczyk Jeder, der mal eine Stunde Marxismus-Leninismus hatte - wie meine Eltern - wird verstehen, was gemeint ist, und trotzdem denken, es müssen sehr unbequeme Wahrheiten sein … für die da drüben :)
Das Problem ist, wenn Liberale als auch Sozen nur ihre eigenen Götzen lesen …

[Mark Kirstein @[email protected] @nonergodicMark]

@Ivan_A_Boldyrev And here:
Btw: I like the expression "neoclassical repair shop" by Güth. In the light of #ErgodicityEconomics much of behavioural econ ala K&T looks like a 'maintenance programme of ensemble-average approaches'

[Mark Kirstein @[email protected] @nonergodicMark]

@Ivan_A_Boldyrev Any thoughts about the arguments made by GG in the article? (apart from the synchronicity of some developments with world politics)
I've documented by position as follows
https://t.co/ArgH76IeqU

[Mark Kirstein @[email protected] @nonergodicMark]

@EricMSchmid Do u know @_julesh_

[Mark Kirstein @[email protected] @nonergodicMark]

@mpiMathSci

[Yaashaa Golovanov @Golovanov_ammoc]

—From my own library—
Some of these are written by the most influential mathematicians of the last century-Stefan Banach, Henri Cartan, Arnold, E. T. Whittaker, G. K. Bachelor, Georgi Shilov, Elias Stein.
Many of these have attained the status of “Bible” of the respective field.

[Michael Thrower Chowdhury @BevansAdvocate]

Updated for economists

[Mark Kirstein @[email protected] @nonergodicMark]

@rhughesjones @ole_b_peters Sometimes there is a misleading conception of the existence of a typical value&the rest is just fluctuations. Often fluctuations are what make up the process.These fluctuations might have a typical size (Gaussian) or not (power laws aka the normal distribution in complex systems)

[Mark Kirstein @[email protected] @nonergodicMark]

@rhughesjones @ole_b_peters EV doesn't work if the fluctuations matter. Thus:
EV flies in the face of emergent properties of complex systems, because they often grow out of the fluctuations.

[Mark Kirstein @[email protected] @nonergodicMark]

Next thought : the decision under certainty
Obviously the 'expected' causes the unintuitive result, how about if you seek to maximise utility, what do you actually maximise?
Does it look like #EE, i.e. a time average, or more like traditional util theory/decision under certainty?

[Mark Kirstein @[email protected] @nonergodicMark]

Today I spent some time thinking about #ErgodicityEconomics. just happy to put an insight into a concise form:

If homo oeconomicus maximises exp. utility (or wealth), she with probability 1 does not maximise terminal utility (or wealth).

Don't believe me? Try it out!

[Mark Kirstein @[email protected] @nonergodicMark]

Today I spent some time thinking about #ErgodicityEconomics. just happy to put an insight into a concise form:

If homo oeconomicus maximises exp. utility (or wealth), she with probability 1 does not maximise terminal utility (or wealth).

Don't believe me? Try it out!

[Physics In History @PhysInHistory]

Science does not have a moral dimension. It is like a knife. If you give it to a surgeon or a murderer, each will use it differently.

-- as mentioned in Futurehype: The Myths of Technology Change (2009) by Robert B. Seidensticker

[Mark Kirstein @[email protected] @nonergodicMark]

Surprising fact: even if homo oeconomicus would maximise (expected) utility/money she actually is not maximising the utility/money she will get in the end

PS: For those interested to see why, checkout #ErgodicityEconomics or
https://t.co/DRJj29RDyI by @hulme_oliver

[Isabella M Weber @IsabellaMWeber]

Economists: Let’s assume everyone is a homo economicus, always rational, maximizing utility knowing their budget constraint and prices.

Majority in every poll: we are worse off due to inflation.

Economists: People don’t get it, it’s just vibes.

[Physics In History @PhysInHistory]

"Modern education is like being taken to the world's greatest restaurant & being forced to eat the menu."

- Gell-Mann

[Mark Kirstein @[email protected] @nonergodicMark]

@ole_b_peters Feels like too big a jump from this picture of equal sharing to a big idea like 'communism'.
Maybe Commoning is more appropriate for now ... raises less neck hair at least for me ...

[Albert Abalo @ReelActuary]

@ishirubi

[Mark Kirstein @[email protected] @nonergodicMark]

@manuelvlara @ole_b_peters I think this piece (of mine) about the naming of EE ages well

[David McWilliams @davidmcw]

Latest podcast

What makes a poor country get rich?

Chatting with the excellent @Marladukharan ...we look at the latest Nobel Prize for Economics, a little bit sceptically.
https://t.co/qYNenjVtg3

[Mark Kirstein @[email protected] @nonergodicMark]

@AchimTruger @wiwo @Henrike_Adamsen @SVR_Wirtschaft @ifso_due Autsch, Nase platt, wieder gegen die Paywall gelaufen ;)

[Mark Kirstein @[email protected] @nonergodicMark]

Dieses Interview mit Prof. Christian Dustmann ist im Rahmen des Zeitgesprächs zu den 'Herausforderungen auf den Arbeitsmärkten' erschienen.
Enjoy the read!
https://t.co/we9N5X2Vta

[Verein für Socialpolitik @VfS_econ]

Our 2nd keynote today at #VfS_conference2024 by Christian Dustmann on "The Effects of Immigration – from Economics to Politics”". Thank you for the great presentation!
@TUberlin @ucl @RF_Berlin
#VfS_conference2024 #EconTwitter

[Mark Kirstein @[email protected] @nonergodicMark]

During the summer I enjoyed this interview with Christian Dustmann as part of the Zeitgespräch on 'Future Challenges of German Labour Markets'
https://t.co/we9N5X2nDC

[ROCKWOOL Foundation Berlin @RF_Berlin]

RFBerlin Director Christian Dustmann delivers the keynote address “The impact of immigration: from Economics to Politics” in the #vfs_conference2024. @VfS_econ