Ludwig von Mises: "Monetary calculation and cost accounting constitute the most important intellectual tool of the capitalist entrepreneur, and it was no one less than Goethe who pronounced the system of double-entry bookkeeping one of the finest inventions of the human mind." - Liberalism
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|Ludwig von Mises||As a method of economic analysis econometrics is a childish play with figures that does not contribute anything to the elucidation of the problems of economic reality.||The Ultimate Foundation of Economic Science|| p. 63||Econometrics
|Ludwig von Mises||The specific experience with which economics and economic statistics are concerned always refers to the past. It is history, and as such does not provide knowledge about a regularity that will manifest itself also in the future.||Epistemological Problems of Economics|| p. xiv||Econometrics
|Ludwig von Mises||As there are in the field of social affairs no constant relations between magnitudes, no measurement is possible and economics can never become quantitative.||The Theory of Money and Credit|| p. 460||Econometrics
|Ludwig von Mises||Every quantity that we can observe is a historical event, a fact which cannot be fully described without specifying the time and geographical point. The econometrician is unable to disprove this fact, which cuts the ground from under his reasoning. He cannot help admitting that there are no behavior constants.||Theory and History|| p. 10||Econometrics