But, of course, such prediction can never imply anything regarding quantitative matters. 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 trying to grasp what is going on in the minds of the men concerned, can approach the problem of forecasting future conditions. We may call its methods unsatisfactory and the positivists may arrogantly scorn it. But such arbitrary judgments must not and cannot obscure the fact that understanding is the only appropriate method of dealing with the uncertainty of future conditions. Database Programming, Site Design and Hosting IWDC, Inc.