ABSTRACT
The answer, according to Schultz, may be given by the equations of motion and conservation of energy. Yet this created a new problem, since we do not dispose of the analogue for such laws in economics:
But what equations of motion, and what laws of conservation of comparable scope do we have in economics? To ask the question is to answer it. There are none that have the definiteness and universal demonstrability of the corresponding physical laws. Thus our economic laws of change are simply empirical extrapolations of the present situation; they do not enable us to determine with certainty what, for example, the demand and supply situation will be in the next instant of time.
