7. Praxeological Prediction Praxeological knowledge makes it
possible to predict with apodictic certainty the outcome of
various modes of action. But, of course, such prediction can
never imply anything regarding quantitative matters.
Quantitative problems are in the field of human action open [p.
118] to no other elucidation than that by understanding. We can
predict, as will be shown later, that?--other things being
equal?--a fall in the demand for a will result in a drop in the
price of a. But we cannot predict the extent of this drop. This
question can be answered only by understanding. The fundamental
deficiency implied in every quantitative approach to economic
problems consists in the neglect of the fact that there are no
constant relations between what are called economic dimensions.
There is neither constancy nor continuity in the valuations and
in the formation of exchange ratios between various commodities.
Every new datum brings about a reshuffling of the whole price
structure. Understanding, by t