The fundamental and eternal truth is that all humans act.  You must study and understand human action to fully understand economics.  This is not to say all action will be correct.  People aren’t omniscient.  Man acts based on ideas he has learned.  You act on based on what you know in order to achieve your ends.  It’s a universal fact that all humans act.  All of economics can be deduced from this simple fact.

Action is qualitative, not quantitative.  Anytime pseudo-economists try to put something in a formula, it’s almost always wrong and extraordinarily wrong.  Economics is qualitative anytime there is action.  These formulas are destroyed against the bedrock of freely acting individuals.  Different people have different valuations.  These valuations can’t be put into a formula.  They are trying to create heaven on earth, which will always produce hell.

Mathematics can’t be the foundation of economics.  Economics is always qualitative.  They are trying to confuse you if they use formulas or graphs.  Human action and individual value can’t be given a number or plotted on a chart.  Economics is the logic of human action.  It’s not even remotely close to physics.  Although, pseudo-economists do have physics envy.  You demonstrate preference by acting, not by what a formula says.

Economics must remain value free.  Physics in economics is wrong, it means a pseudo-economist has inserted his own values.  Not just that.  They have also assumed everybody has those values, and will act just how the formula says.  It’s impossible that these physics envy ridden economists can be right.  Far from being value free, pseudo-economist’s arbitrary values flourish in this nonsense.

We all own one body and act based on the knowledge we possess.  The action could be correct or incorrect.  The overlords aren’t omniscient and can’t tell what’s good for you.  The pseudo-economist will attempt to insert physics into economics.  This is spectacularly wrong.  Economics can’t be value free unless it’s based on human action.  These formulas will make it so you know less about economics so it can be left to some esoteric group.  That’s by design.

Reference

Murray Rothbard; Economic Controversies