The Austrian Critique of Quantitative Analysis

The Austrian critique of quantitative analysis is summed up in Mises' critique of the application of quantitative methods to economics in human action. Human action will be understood through logical deduction and thought experiments, not equations and quantitative analysis. The impact of a specific change in price on an individual's demand for a good happens through the causal mechanism of changes in individually assessed utility. That factor is not measurable or quantifiable.