'Ergodicity Economics' is Pseudoscience

Abstract

In a series of papers, Ole Peters and his collaborators claim that the 'conceptual basis of mainstream economic theory' is 'flawed' and that the approach they call 'ergodicity economics' gives 'reason to hope for a future economic science that is more parsimonious, conceptually clearer and less subjective' (Peters, 2019). This paper argues that 'ergodicity economics' is pseudoscience because it has not produced falsifiable implications and should be taken with skepticism.