To Doug H. (gee, and I was going to shut up!):
Obviously "fundamental uncertainty" is irrelevant to
"day-to-day management in of a business in an OECD country."
Nobody claimed that it was, certainly not Keynes. Of course
people in general operate on simple inertia (NOT rational
expectations) for "day-to-day management," assume tomorrow
will be more or less like today. Hence bill mitchell's defense
on several lists of the usability of simple ergodicity in doing
short-run econometrics.
It is long-run real capital investment that must deal with
fundamental uncertainty, and thus requires "animal spirits" being
enthusiastic in order to happen, whether the source of that
uncertainty is war, revolution, or just a "mere" economic variable's
value 20 years hence that is at issue.
Barkley Rosser
