The Austrian School’s approach to uncertainty
The Austrian School’s approach to uncertainty

Summary/Abstract: Motivation: Analyzing the Austrian School of Economics (ASE) perspective on uncertainty to classify it and make itcomparable to other schools of economic thought.Aim: investigating the solutions and mechanisms proposed by Austrian economists L. von Mises, M. Rothbard,I. Kirzner, H. Hoppe, G. L. S. Shackle and L. Lachmann by categorising them within modified taxonomy and thusimplicating their assumptions about nature of uncertainty.Materials and methods: The methods employed in the article are an integrative review and a comparative frame-work called modified taxonomy. Materials consist of chosen works of economists from the Austrian School of Econom-ics.Results: The analysis indicates that authors promoting decentralised solutions such as market perceive uncertainty asstemming from non-economic sources. However, authors promoting more centralised solutions seek uncertainty fromhuman’s ability to create a future (radical subjectivism and determinism).

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