Tag Archives: Laffer curve

Ayn Rand‘s “Atlas Shrugged”

Ayn Rand‘s master work about mind, productive man and his liberation. More than a thousand pages long but rarely tiresome (except for John Galt’s radio speech) the novel blends thriller with common economic sense and Rand’s philosophy of objectivism.

The economics makes sense—incentives matter and give rise to a trade-off between efficiency and equity; but it is crude—market failure is neglected. The most interesting element in the incentive problem faced by the government sponsored “looters” and “leeches” is the sanction of the victim.

The philosophy (as summarized at the end of the paperback) is less convincing; it certainly does not follow from the economics. Much more on objectivism on the website of the Ayn Rand Institute.