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Human Action: A Treatise on Economics Part 1

Mises Audio Books Podcast

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The Metaphor of Voting

If asked under oath on the witness stand whether he is as certain about roosevelt's future victory, our man would have answered no. He would have rectified his statement and declared, i am personally fully convinced that roosevelt will carry on. But of course, this is not certainty. Only the way i understand the conditions involved. The case of statement a is similar. This man believed that he risked very little when laying such a wager. Statement b is an evaluation of the outcome of the impending event. Figures refer not to a greater or smaller degree of probability, but to the expected result of the voting. Such a statement may be based on a systematic investigation, like the

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