Limit of the Mind | Formulas & Models are Ridiculous

#economics #method #mathematics

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.

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