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Human Action: A Treatise on Economics Part 1

Mises Audio Books Podcast

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Probability and the Calculus of Probability

Every action refers to an unknown future. It is, in this sense, always a risky speculation. The treatment of probability has been confused by the mathematicians from the beginning. Mystic pascal unintentionally became the patron saint of gambling. No less havoc was spread by the equivocations of the calculus of probability in the field of scientific research.

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