Ergodicity explained through a simple econometric model

Every society (to the extent that there is such a thing) has its own set of values based on which decisions are made. Let us call the place for those decisions the economic system, and secondly, let us assume that this system follows a dynamic model. It can then be said that the system is ergodic when the set of values underneath have been accurately incorporated into the systemic model and have sufficient explanatory value so as to conduct decisions based on it 'ad infinitum'. In that case, there is ergodicity. Of course this is an immense oversimplification because it assumes that a system can be explained by a single model, which is certainly not the case at macro-economic level. The logic serves the purpose of this article.  

Read more »

Neoliberalism and Social Market Economy explained by Chicago Boy Rolf Lüders: Relevance for the EU in understanding the early stage and later stage variant (excerpt from Buenos Aires Times, 3 nov 2025)

Below is a link to an interview with one of the last 'Chicago Boys', Rolf Luders. He explains both the concepts of Neoliberalism and Social Market Economy, implementation changes in 1982 in Chile and how it differs from the unrestrained 'libertarian capitalism' without/with technically no State and why it does not work according to him. The relevance of this analysis for Calibrated Capitalism is that it sheds light on what challenges can be expected to this model in a liberal democratic context, how to protect it and what kind of risks there are on the outskirts, from competing models, or potential blowback from the rough edges of the earlier variant. This may be especially true for the Eurosystem as it has adopted this moderated social market economy that respects liberal democratic rules, while competing against autocracies and illiberal regimes. You can find the article below or read the excerpts. https://batimes.com.ar/news/economy/milton-friedmans-last-chicago-boy-has-warning-for-javier-milei.phtml

Read more »

'How to account for Crypto?': Key Takeaways

'How to account for Crypto?' was a webinar organised by the Soltesz Institute on 8 August 2024. During the event, several aspects of cryptocurrencies in application to finance and banking were discussed, such as liquidity, conversion to fiat, fraud risks and tax issues. 

Read more »

Highlights of the Digital Markets Act Conference of June 2024

The Digital Markets Act was adopted by the EU this summer, marking a milestone in Competition Law. In order to provide more details, the Authority for Consumer and Markets hosted an event in which more detailed information was given, as well as a list of interviews conducted with politicians, business executives and academic researchers. 

Read more »

Highlights of Update Cybersecurity at Heinrich Heine University

Update Cybersecurity: Gamechanger für die Finanzfunktion was a lecture organised by Mr. Tobias Schrödel at Heinrich Heine Universität in Düsseldorf. During the event, several issues regarding cybersecurity were discussed, ranging from black markets, metadata and ethical hacking. A summary can be found in below document. 

Read more »

Highlights of the urban NBS Day 2024

The Urban NBS Day of 2024 was organised by the Utrecht University School of Economics (of which I am a graduate myself). Several topics were discussed, such as ecological issues regarding urban planning, climate risks in the US, NGOs in South-America and ecology in private property. Below document gives a summarised overview. 

Read more »