That man acts and that the future is uncertain are by no means two independent matters. They are only two different modes of establishing one thing.
(Mises 1949: 105)
INTRODUCTION In this paper, I will apply Austrian economics to the problem of uncer tainty. Economists of the Austrian School of economics acknowledge the prevalence of uncertainty in economic practices. With regard to future conditions, uncertainty prevails in both long-term and short-term activities (Mises 1962: 51). ‘This uncertainty of the future is one of the main marks of human condition. It taints all manifestations of life and action’ (Mises 1962: 65).