Ludwig Von Mises dismisses “the fateful efforts of the mathematical treatment of economic problems”:
The mathematical economist attempts to ignore the difference between physical phenomena, on the one hand, the emergence and consummation of which man is unable to see the operation of any final causes — and which can be studied scientifically only because there prevails a perceptible regularity in their concatenation and succession — and praxeological phenomena, on the other hand [i.e, the phenomena of human action], that lack such a regularity but are conceivable to the human mind as the outcomes of purposeful aiming at definite ends chosen…
Mathematical equations … are appropriate and useful where there are constant quantitative relations among unmotivated variables; they are inappropriate in the field of conscious behaviour.
The equations of physics describe a process through time, while those of economics do not describe a process at all, but merely the final equilibrium point, a hypothetical situation that is outside of time and will never be reached in reality.
Furthermore, they cannot say anything about the path by which the economy moves in the direction of the final equilibrium position. As there are no constant relations between any of the elements which the science of action studies, there is no measurement possible, and all numerical data available have merely a historical character; they belong to economic history and not to economics as such. The positivist slogan, "science is measurement," in no way refers to the sciences of human action; the claims of "econometrics" are vain.