>For Keynes, however, most economic events were non ergodic, i.e.
>lacking immutable market fundamentals with objective probability
>distributions. Therefore, for him, in this uncertain world, the
>fundamentals do not provide a reliable guide to the future, which is
>subject to sudden and violent changes and, therefore, future market
>valuations were subject to dissapoinment.This was his standard
>response to classical general equilibrium models which assume
>ergodicity.
Keynes was writing during the Depression, a time of serious rupture. That's not the way things are in advanced capitalist economies today. The state has taken on the role that Negri wrote about in his essay on Keynes - of stabilizing expectations.
Doug