Kevin Brancato at Truck&Barter posts a few paragraphs from his dissertation that deal with Mises and index numbers. “No aprioristic theory exists to determine the exact outcomes of changes in law that apply to the economic system. In fact, Mises is fine with data, as long as you are not trying to construct economic theory out of it. If one is trying to estimate the impact of rule changes, and such changes have occurred elsewhere, Mises would applaud looking at the historical record as a guide for lawmakers and businessmen. But this is not economic theory, and there is no way to determine where—inside or outside the historical range—actual outcomes will lie.”
On Macroeconomics and Index Numbers
