going to translate “well it depends” into scientific language many Austrians are

http://wpo.st/–Zn0I’m going to translate “well it depends” into scientific language many Austrians are familiar with: We can identify economic laws, but only at a level of arbitrary precision insufficient for subsequent prediction. The reason being that while in the aggregate, such laws are visible in data we collect, the problem remains that there exist no constant relations in economics since each event in economics is a unique representation of a set of complex conditions forever invisible to us due to immeasurable causal density.

Rather than say all that, we just say ‘well it depends’.