*Utility maximising: if the underlying pdfs are non-stationary (see climate), it is non-solvable?
*A friend of mine (General insurance pricing actuary) says the world is uninsurable (climate). So clearly no utility maximisation by humanity! (We are like the Titanic, with too many status quoers in the wheelhouse with their hands on the wheel, keeping us going straight ahead)
•On wealth, Beinhocker’s "The Origin of Wealth" is viewed as a classic by several in my network.
•I encourage folk to look at the BEIS funded work at EEIST. Formation Economics is part of the way forward. And my economist friends tell me the first step to enlightenment is to ditch General Equilibrium. (See Walras and Physics Envy)
Hi Ben:
*Utility maximising: if the underlying pdfs are non-stationary (see climate), it is non-solvable?
*A friend of mine (General insurance pricing actuary) says the world is uninsurable (climate). So clearly no utility maximisation by humanity! (We are like the Titanic, with too many status quoers in the wheelhouse with their hands on the wheel, keeping us going straight ahead)
•On wealth, Beinhocker’s "The Origin of Wealth" is viewed as a classic by several in my network.
•I encourage folk to look at the BEIS funded work at EEIST. Formation Economics is part of the way forward. And my economist friends tell me the first step to enlightenment is to ditch General Equilibrium. (See Walras and Physics Envy)
Mike Clark