The limit of the mind is recognized by the fact that man acts.  This is an incontestable axiom.  The structure of the human mind is what it is.  Society is comprised of human minds.  It’s time to abandon the idea that economics is quantitative and can be inserted into a formula.  We can’t predict the future.  Man acts to remove an uneasiness.  Economics has taken on more of a statistical character.  This trend must be reversed.

Those qualified to describe how wealth is acquired can be economists.  Those who can’t are not qualified.  Many of the economists today are not qualified to do what they are doing.  An honest economist must admit that man acts.  In doing so, he is also admitting that formulas and models are ridiculous and of no use.  Graphs are just to help with visualization.  Like Mises said: graphs are for undergraduates.

It’s difficult for pseudo-economists to admit there are economic laws.  The honest economist can tell you quite a bit beforehand.  If supply goes up, all things being equal, demand will fall.  This is intuitive.  You don’t have to be an economist to know this.  However, the pseudo-economists will say this must be tested.  They consider supply and demand well tested, but the logic is the same for many economic propositions.

It’s hard for them to admit, but economics is deductive.  The idea that economics is a never-ending game of tests is because they subscribe to empiricism.  Of course, they can never be certain about certain measures.  So, when reality doesn’t conform to their model, they blame it on some factor that wasn’t controlled for.  Then, the test continues.  These tests happen with humans.  The road to hell is paved with quantitative economists.

Worse than playing market, they are playing with human desires.  The pseudo-economists have an arbitrary starting point.  The honest economist will start with the body.  Economics is in an unreal condition without a foundation.  They disregard what is actually taking place, and that is action.  Economics is easily understood.  It’s of paramount importance the masses understand the foundation of economics because economists won’t be honest.

References

John Elliot Cairnes; The Character & Logical Method of Political Economy

Alfred Schutz; The Phenomenology of the Social World