Source: Ludwig von Mises Institute
“Contemporary academia’s equation of ‘science’ with ‘measurement’ represents a positivist assault on Ludwig von Mises’s praxeology, not due to his mathematical deficiency, but his superior ontological grasp. While physics successfully models inanimate bodies — where a copper atom reacts to heat according to immutable, universal constants — economics concerns human action driven by conscious, fluctuating intent. Because no constant dictates that a 10 percent income rise yields an 8 percent consumption increase, economic data is merely unrepeatable history, not scientific law. Attempting to extract universal predictions from this historical debris is ‘historicism’ — a methodological error akin to using Napoleonic War statistics to forecast World War III.” (03/09/26)
https://mises.org/mises-wire/why-ai-and-big-data-cannot-plan-economy