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Archive for June, 2008

What Is Probability?

Dodi Devianto, Mito-city, 2008. From E. F. Schumacher in a collection of essay “Small Is Beautiful: EconomicsĀ As If People Mattered” :

If I make everything is predictable, human beings will no have motive to do anything since the future is totally determined. If I make everything is unpredictable, human beings will no have motive to do anything as there is no rational basis for any decision. I must therefore create a mixture of two.

This explanation is a good approach to understand what probability is.

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