From,
The Ultimate Foundation of Economic Science
Ludwig von Mises
The Human Mind
“The plight of empiricism consists precisely in its failure to explain satisfactorily how it is possible to infer from observed facts something concerning facts yet unobserved.”
“The sun has risen every day in the past. The sun has risen today. Therefore, the sun will rise tomorrow.”
This is the problem that Mises is talking about. It’s Hume’s problem of induction. How is it that we create a theory from observing phenomena, and expect that theory to hold true in the future?