ABSTRACT
The purpose of this essay is to explore the use of probability as an integral component in the elaboration of economic theory. To do so requires at the outset that the topic of discussion be adequately posed and defined: just what is probability and what is its importance to economics? Why should economists be interested in a topic traditionally confined to philosophical discourses on epistemology and ontology? Have economists ever given more than a passing thought to the idea of a ‘probabilistic’ approach to their subject anyway?
