Economic Progress and the Primacy of the Individual

Members of an Austrian School of economics forum to which I belong have been discussing the source of economic progress. It began with the usual elements of capital, technological development, and managerial expertise before getting more philosophical when a member suggested the acceptance of rationality in all things. I felt this was not a proper answer, because the definition of “rationality” is itself debatable and can be used by political authorities to suppress unpopular ideas.