Mathematical economics are the attempts to express or develop economic truths by means of mathematical formulas, equations or expressions which reflect a mechanical constancy in human actions and reactions that is contrary to the known nature of man. Often such attempts merely depict imaginary states of equilibrium, or nonaction, rather than the unmeasurable processes whereby individuals select, pursue and alter their actions, goals and value judgments, each in his own way as he is differently motivated at different moments. The processes of the market, which are directed by the processes of the human mind, are grading, preferring, choosing, exchanging and setting aside, amidst ever-changing conditions of human understanding and physical availabilities. Since these processes are mental, qualitative and unmeasurable rather than automatic, mechanical or measurable, they are not subject to mathematical presentations which are always quantitatively precise, but unable to portray qualitative differences.
While mathematical presentations may possibly help in depicting certain market tendencies, as in the use of supply and demand curves, it must be realized that all mathematical representations which do not stand for historical data are merely imaginary assumptions about which there can be no certainty as to whether or not they represent present or future reality. Mathematical methods are based on unscientific assumptions, give false impressions of precise reality and too often divert attention from the logical solution of economic problems. Each such problem can only be solved by the selection of the successive steps that must be taken over a period of time in order to attain a realizable desired goal in a world in which the uncertainties of the future cannot be known or presented mathematically in advance.
- Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-07-21.