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Full Description
Every price is set by someone; this is where economics begins. Building on that fundamental idea and on Ayn Rand's philosophy of Objectivism, Objective Economics transforms economics. The thesis of this book is that Ayn Rand's concept of "objective" is the indispensible base of valid economic thought. Consistently applying this idea across the board, the author reaches a general theory of price for the first time in the history of economic thought. This theory of price then provides a valid base for explaining how a free economy functions. Based on facts everyone knows, presented without graphs or higher mathematics, Objective Economics makes accessible to the intelligent layman a clear understanding of how the economy works. For everyone who found college economics impenetrable—and that is just about everyone—this is the book.
The thesis of Objective Economics changes everything about economics, including economics' method, the conception of the economy, the meaning of competition, the idea of price, the nature of business costs, the concept of supply, the concept of demand, the law of supply and demand, the theory of price, and the theory of total national output. Overall, as the result of all the preceding, Objective Economics demonstrates that capitalism is the practical economic system.
Contents
Introduction
Chapter One: Method and Context
Chapter Two: Objective Economic Value
Chapter Three: Fundamental Economic Concepts
Chapter Four: Foundational Theories
Chapter Five: Introduction to the Theory of Objective Prices
Chapter Six: Someone Sets the Price
Chapter Seven: The Other Methods of Price Creation
Chapter Eight: The Theory of Objective Prices
Chapter Nine: The Factors of Production
Chapter Ten: Changes in Objective Prices I: The Effect of Changes in Facts on Set Prices
Chapter Eleven: Changes in Objective Prices II: The Effect of Changes in Facts on Other Prices
Chapter Twelve: Scarcity and Profit
Chapter Thirteen: Total Spending and Production
Appendix A: The Theory of Price in Modern Economics: A Critique
Appendix B: The Method of Modern Economics: A Critique
Appendix C: Marginalism in Modern Economics: A Critique
Appendix D: The Meaning of Scarcity in Modern Economics: A Critique
Appendix E: The Effect of Changes in Cost on Set Prices: Expansion of the Argument in Chapter Ten
