The Effect of Human Action on Random Economic Events: Praxeological Learning and Its Relation to Artificial Intelligence

In this chapter, Ludwig von Mises’ views are reconsidered comparatively under the light of his book Human Action (1949 [1996]) and his brother Richard von Mises’ book Probability, Statistics and Truth (1928 [1957]). What is the relation between human action and random events? The economic analysis of random events calls forth the study of human action in detail. Does human action precipitate decision making or vice versa? The structure of the chapter will be formed around the center of these kinds of crucial questions. Human action will also be analyzed in connection with artificial intelligence. The interaction of human mind and artificial intelligence are apt to create new forms of production styles and consumption modes in the near future. To explore more on that phenomenon, real world examples will be used with concept of Big Data. Advantages and disadvantages of artificial intelligence for human world will also be discussed.