Objective Economics:

[Panther]

http://www.capitalismmagazine.com/economics/6331-objective-economics-the-implications-of-ayn-rand-s-philosophy-on-the-science-of-economics.html

Objective Economics: The Implications of Ayn Rand's Philosophy on the Science of Economics
7 October 2011 Northrup Buechner

This book is written for any man who wants to know how a free economy works and/or some of the implications of Ayn Rand’s philosophy for economics.


Objective Economics: The Implications of Ayn Rand's Philosophy on the Science of Economics

Objective Economics: How Ayn Rand’s Philosophy Changes Everything About Economics is the product of forty-eight years spent studying Ayn Rand’s philosophy of Objectivism and the science of economics. When I read Atlas Shrugged in 1962, I was stunned that Ayn Rand rejected everything I had been taught in two economics courses. Like most of economics in 1962, the purpose of those courses was to justify government intervention in the economy. Ayn Rand advocated laissez-faire capitalism, that is, an economy with no government intervention. I set out to find the truth. Forty-eight years later, I have learned a lot about what is wrong with modern economics and where much of the truth lies. In particular, I have figured out some of the implications for economics of Ayn Rand’s concept of objective. The purpose of this book is to communicate that knowledge.

[Panther]

http://www.capitalismmagazine.com/economics/6617-economic-ideas-and-their-consequences.html

14 October 2011 Northrup Buechner

The solution to our current economic mess is not some new state measure dreamed up by economists.

The public standing of economics and economists has been declining for some time. In the 1960s and 1970s, economists were seen, and they saw themselves, as the saviors of the economy. They talked of “fine-tuning” the economy, of changing government spending and taxes up and down (this was called fiscal policy) to keep the economy at full employment without inflation. But in the following years, unemployment and inflation grew together.

This is what my book -- Objective Economics -- is about: How the economy works when there is zero government intervention—when the government does nothing but keep the peace. What I show is the functioning of laissez faire capitalism—that it works and how it works, when everyone, every single person, is pursuing his own self-interest and doing the best he can for his life and those he loves.

[Panther]

http://www.capitalismmagazine.com/books-non-fiction/6643-what-facts-of-reality-gave-rise-to-the-science-of-economics.html

2 November 2011 Northrup Buechner

An excerpt from the Introduction to "Objective Economics: The Implications of Ayn Rand's Philosophy on the Science of Economics"


Objective Economics: The Implications of Ayn Rand's Philosophy on the Science of Economics

An excerpt from the Introduction to Objective Economics: How Ayn Rand’s Philosophy Changes Everything About Economics by Northrup Buechner.

What facts of reality gave rise to the science of economics? This is Ayn Rand’s unique method of grasping the meaning of a concept—to identify the facts of reality that are its cause (1979 51). I will be using this approach throughout.

The answer is the creation of wealth. Economics appeared in England during the Industrial Revolution when wealth had increased to the point that thinking men grasped that there was something new that needed to be explained. The definition of economics is the science that identifies the principles governing the origin and growth of wealth.1 Economics discovers these principles by studying the exchange of wealth, that is, the purchase and sale of goods and services, and all the phenomena that arise out of such exchange. The fundamental economic activity is exchange—buying and selling. All other economic phenomena can be traced to exchange. Economics deals with the principles governing production only in so far as the producer intends to sell his product. Price is the condition of exchange, what one gives or receives in order to buy or sell.