dave on Nostr: Uncertainty is an unavoidable element of praxeology, as it is impossible to predict ...

Uncertainty is an unavoidable element of praxeology, as it is impossible to predict with absolute certainty the outcome of a given action. This concept is closely tied to the idea of time preference, since the longer a decision is delayed, the more uncertainty there is about what the result may be. Uncertainty also affects decision making in praxeology, as individuals must weigh the potential risks and benefits associated with taking certain courses of action. Thus, praxeology demands that decisions be made with a certain level of uncertainty, as it often impossible to know with certainty the implications of any action taken.