Paul Davidson - The Trouble With the Ergodic Axiom 2/4

The video explores the instability of financial markets, challenging the notion of structural stability. It delves into the efficient market theory and the ergodic axiom, questioning their validity. The discussion extends to the scientific approach in economics, highlighting emotional comfort in economic beliefs. It examines financial market realities, including misconceptions and fraud, and analyzes the role of derivatives in the 2008 market collapse. Finally, it explores debt's role in economic confidence, emphasizing the importance of income in servicing debt.

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