Der Apriorist - Abstracts 06. Oct. 2010

What do Austrians Mean by "Rational"?

by Michael Rozeff

Tags: methodology
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Rozeff, Michael. What do Austrians Mean by "Rational"?. Mises Daily July 26, 2006.

Conclusion: Praxeology tells us that human action is rational. The case being made for state action to remedy so-called irrationalities discovered by researchers in behavioral economics and finance has no logical justification. More can be said that goes beyond the illogic of the scientific-behavioral case for state intervention and goes to the illogical leap that maps the research findings into calls for state action. All of us make enough errors as it is without making the very great error of turning over critical aspects of our lives to intellectual or political elites who, if we were to examine their personal lives, we would find lack any claim for being superior beings who deserve to control us. I can think of nothing more absurd than the notion that the members of a political system, whether elected, engaged as bureaucrats, or otherwise able to hold power, can alleviate or cure the human race of whatever limitations it might possess. For if we have defects, so do they. And the possession of power is likely to magnify whatever defects they have and nurture more. The institutional apparatus of government is always less responsive and less accountable to human needs and desires than free markets.

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