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1/8
Very roughly, why @giorgioparisi's @NobelPrize is relevant to #ErgodicityEconomics.
Giorgio Parisi's best-known work in statistical mechanics is in the area of spin glasses.
Real glasses are sort of liquids but they flow very slowly. If you look at a very old window pane..
Very roughly, why @giorgioparisi's @NobelPrize is relevant to #ErgodicityEconomics.
Giorgio Parisi's best-known work in statistical mechanics is in the area of spin glasses.
Real glasses are sort of liquids but they flow very slowly. If you look at a very old window pane..
2/8
..in a church, say, you will see that it's thicker at the bottom. That's because the glass has flowed down. The glass wants to flow and lower its energy but its internal disordered structure makes that very hard.
Spin glasses model this. They are systems which take a very...
..in a church, say, you will see that it's thicker at the bottom. That's because the glass has flowed down. The glass wants to flow and lower its energy but its internal disordered structure makes that very hard.
Spin glasses model this. They are systems which take a very...
3/8
...long time to find their ground state, i.e. the state of minimum energy.
On humanly relevant time scales -- decades or centuries -- such systems may just not equilibrate.
When ergodicity holds, time averages are identical to expectation values. This requires a system...
...long time to find their ground state, i.e. the state of minimum energy.
On humanly relevant time scales -- decades or centuries -- such systems may just not equilibrate.
When ergodicity holds, time averages are identical to expectation values. This requires a system...
