The Austrian School of Economics derives its name from its Austrian founders and early supporters. Members of this school approach economics as an a priori system like logic or mathematics, not as an empirical science like physics. They strive to discover axioms of the science of human action (called "praxeology") and deduce further truths. Some of these axioms are:
- humans act purposefully;
- humans prefer more of a good to less;
- humans prefer to receive a good sooner rather than later; and
- each party to a trade benefits ex ante.
There is much more. This wiki attempts to create an easily accessible and well documented overview of the Austrian School. Please help to make it grow.
A statement is probable if our knowledge about its content is deficient: we do not know everything needed for a definite decision between true and false. But, on the other hand, we do know something about it.
All human action has to deal with the uncertainty of the future. The distinction between "risk" and "uncertainty" has been developed by Frank Knight and deeper analyzed by Ludwig von Mises, who has shown that they can be subsumed under the more general categories of "class probability" and "case probability". Only class probability is subject to numerical expression and analysis.
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