Economics has been treated very poorly over the years.  It’s assumed economics can be measured.  This includes: costs, prices, and much more.  It’s impossible to make a constant when everything is a variable.  They will try to insert those into a formula and call it scientific.  It’s anti-scientific and illogical.  They are using data from economics history.  This represents a serious confusion about economics, and must be rejected outright.

These formulas and models divert logic from the study of economics.  It’s impossible to come to economic laws from historical data.  It’s a desire to turn economics into a quantitative science.  Economics always deals with human action which is always qualitative.  If we disregard them trying to turn a variable into a constant, using quantities is still impossible.  The data is historical and historical data is always complex and can never be repeated.

Economics is qualitative and will always be.  The pseudo-economists will insert data into the formula.  This is data from economics history.  They even contradict their own formula when this turns out to be wrong.  They will use different data, maybe control for something, and come up with a new pseudo-law.  This law can then be tested.  This illogical process will never stop.  Humans will always be used as pawns as long as this nonsense goes on.

They will use high-sounding terminology and formulas to mask nonsense.  There’s nothing anyone can do to make this nonsense logical.  There are no qualitative constants in human action, nor will any be discovered.  We can only deal with future events by understanding.  All quantitative economics must be disregarded.  They’ll use arbitrary data.  The data will be tortured until it says what they want.

The quantitative economists shut their eyes to reality.  They’ll draw curves on graphs, but those are always just lines on paper.  It’s unrealizable.  Don’t be confused by fancy formulas, models, and graphs.  There’s no substitute for logic.  This nonsense gets used to mask nonsense as scientific and impress people.  They are useless and no mental gymnastics will make it useful.  It’s time we use logic in economics.

Reference

Ludwig von Mises; Human Action