What are the different concepts of financial risk? How do Austrian economists conceive of risk, uncertainty, and probability? Christian Hoffmann, parting ways with Mises, provides a taxonomy and cautions about the predominance of probability statistics in the realm of economics and finance.
Valuation of businesses must be based on appraisement, investment appraisal, and— terra incognita in Austrian economics—negotiation. Discounted cash flow and "relative valuation" methods are well-suited for negotiation purposes.
The marginalist revolution posed a fundamental problem for economic theory. Mises’s approach not only solved the problem of economizing resources in a division of labor, but provides a robust framework for economic research.
Bastiat’s great themes — harmony rather than equilibrium, property versus spoliation, and property and value — have been almost completely neglected in professional economic science during the unfortunate twentieth century.