The Austrian Critique of Quantitative Analysis

Austrian conception of rationality becomes clearer with Meses' explanation that the opposite of action is not irrational behavior. A person may regret an action and realize it was counterproductive to achieving his ends, but that does not change the rationality of the act. Other individuals may pass judgment on these individuals actions, no matter how wrong they find it, that would not detract from the rational nature of the act in question. Logical deduction, thought experiments and common sense familiarity with reality are employed to understand the implications of economic processes.