Congratulations are in order for LML Fellow and Co-founder Professor Ole Peters who was awarded the Freedom of the City of London on 19 July 2024, having been nominated for his contributions to research into economics, in particular his formulation of Ergodicity Economics which provides parsimonious explanations for diverse economic and behavioural phenomena by carefully accounting for the interaction between time and uncertainty. Peters was among 40 leading figures from science, medicine, business, academia, education, and the arts to receive the award at a ceremony at Mansion House hosted by the Lord Mayor of London, Professor Michael Mainelli. Awardees from the world of science also included mathematician Professor Sir David Spiegelhalter and economist Professor Lord Nicholas Stern.
Speaking after the ceremony Professor Mainelli said:
“These people are remarkable individuals who exemplify the City of London’s spirit of innovation and dedication, and have enriched the Square Mile’s diverse tapestry with their impressive achievements and contributions to public life.”
Reflecting on his new-found freedom, Peters said:
“I was very touched to find myself among such wonderful awardees. The ceremony and speeches were very thoughtful. I can only speak for myself, but I suspect this is true of others too: in receiving this award I see myself as a representative of a community, a kind of support network. Out of this network I have been the most visible and perhaps most persistent, or stubborn, in pursuing our common aim, but many others have supported me over the years, contributing financially or through time, energy, creativity, critique, advice. Thank you, everyone. No it hasn’t always been easy, and yes there have been moments of doubt. But beyond stubbornness, it’s been curiosity, wild optimism, and a sense for joy that have led to this. Regarding London, I have a deep affection for the city’s intellectual and artistic vibrancy and its physical spaces. This recognition by the City of London therefore gives me great joy.”
The London Mathematical Laboratory celebrates this recognition of the value and importance of Peters’s scientific ideas. We also see this award as a demonstration of the value of independent research organisations like LML which has hosted the Ergodicity Economics project since 2012 and the Santa Fe Institute where Peters has been an external faculty member since 2013.
We and our supporters have always seen, and continue to see, the potential of these ideas. Our hope is that the award will encourage others to join in our efforts and support our push for a kind of economics that is more context-aware and thereby more relevant and more realistically human. We now understand the critical importance of the ergodicity question in economics and other sciences which deal with uncertainty, but we’re still only at the beginning of drawing a comprehensive map of its consequences. Re-examining the foundations of economics in this way has caused and will cause misunderstandings and controversy, but we are committed to continue our work. This recognition from the City of London is not just encouraging for Professor Peters but for all of us at LML.
Dating back to 1237, acquiring the status of a Freeman used to confer special trade rights and privileges. Today the Freedom of the City is mostly symbolic and is offered by the City of London to formally recognise individuals who have made outstanding contributions to London or public life, or to celebrate a very significant achievement.
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