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Human Action: A Treatise on Economics Part 1

Mises Audio Books Podcast

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The Calculus of Probability Is a Misnomer

The term hypothesis applied to definite modes of understanding historical events is a misnomer. Hypotheses are tentative explanations, consciously based on logically insufficient arguments. The intensity of personal conviction is purely subjective. Neither frequency probability nor historical understanding enters into the matter. Such problems are not open to any elucidation other than that provided by understanding six betting, gambling and playing games.

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