Still continuing the series of reading Human Action deeply and sharing key lessons I wrote a brief article about different types of probability. My focus here is to make the article short and easy to read, with very clear takeaways. As an aside, this topic is DEEP and, in my opinion, forms one of the most important pillars in Ludwig von Mises' work on cognition. The whole body of his work on cognition gives a logically consistent foundation upon which Mises builds several of his key arguments. Most importantly, the method of economic calculation and the impossibility of economic calculation under socialism. As another aside, Mises' brother Richard was a mathematician and probability theorist.

Prediction in an uncertain world

Case vs class probabilities