ABSTRACT
That economic agents prefer predictability to uncertainty is as elementary a statement as a statement that they are willing to buy more of a commodity the lower the price is. Nevertheless, it points at a property of the economic system that has just as profound effects upon how the system works as has the price statement. Once we acknowledge that economic agents actively choose predictability over uncertainty, we can see profound effects on how economic activity is organized: as we will see in this chapter, unless any other form for interaction between consumers and entrepreneurs is reliable as a means to manage uncertainty, historically successful economic interaction will be repeated to assure as far as possible that consumers and entrepreneurs can experience the same success as they did before.
