Comments on: Risk, Uncertainty, and Economic Organization http://archive.mises.org/10886/risk-uncertainty-and-economic-organization/ Proceeding Ever More Boldly Against Evil Tue, 18 Jun 2013 04:06:44 +0000 hourly 1 http://wordpress.org/?v=3.5.1 By: georges lane http://archive.mises.org/10886/risk-uncertainty-and-economic-organization/comment-page-1/#comment-616510 georges lane Sat, 24 Oct 2009 02:46:25 +0000 http://blog.mises.org/archives/010886.asp#comment-616510 Surely,
“Most economists are familiar with Knight’s distinction between “risk” and “uncertainty.”

But they should be also familiar with Frederic Bastiat’s thinking (1850) about uncertainty. See for example http://www.econlib.org/library/Bastiat/basHar14.html#Chapter 14

However, unfortunately, it does not appear it is the case.

I am sure that Mises was knowing this text and was inspired by its words.

Webly yours

]]> By: Weingarten http://archive.mises.org/10886/risk-uncertainty-and-economic-organization/comment-page-1/#comment-615552 Weingarten Thu, 22 Oct 2009 10:43:52 +0000 http://blog.mises.org/archives/010886.asp#comment-615552 The article differentiates between “class probability” where the probabilities are known, “case probability” where they are estimated by sampling, and “entrepreneurial appraisement”, where they are intuited. As far as I am aware, statisticians and systems analysts, deal with these forms properly in theory and practice. So is there a need to extensively elaborate upon them? Perhaps a simple example could be given, which shows some difference in calculation between someone who recognizes these differences, and someone who does not?

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