General Overview and Structural Organization

This chapter depicts the general overview of the topics covered throughout the text and the structural organization of the book. There are seven chapters together with the introduction in Chapter 1. The nature of randomness and the element of chance are examined in detail in Chapter 2. The intricate relation between randomness and chance is analyzed. Chapter 3 is devoted to the rethinking the concept of opportunity cost and Parable of Broken Window. This chapter is a reflection on the ideas of Frédéric Bastiat. Chapter 4 concerns with the effect of human action on random economic events so as to explain praxeological learning and its relation to Artificial Intelligence (AI). Chapter 5 deals with the question of conjecture in economics and probability, and focuses on the practical applicability of probability theory to the randomness of economic events. Chapter 6 sketches the anatomy of accident as a deviation from random walk. Chapter 7 examines observability and learnability as opposed to ‘seen and unseen.’