Objective Economics: How Ayn Rand's Philosophy Changes Everything About Economics

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.

Table of 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

About the Author :
M. Northrup Buechner has taught economics at St. John's University, New York, for forty years. He has published articles in The New York Times, The Objectivist Forum, The Southern Economic Journal, and other scholarly and popular publications. He has lectured on many college campuses and has spoken at Objectivist and economic conferences around the world.

Review :
Once every decade or so a book is published that changes the way people view a topic, even if they consider themselves experts in that area. I believe that Professor Buechner's new text will be one of those rare books. Forget the pop-culture economics books that have appeared on the scene in recent years with their anecdotes about crime waves and parking meters. If one truly wishes to learn about the not so 'dismal science,' Objective Economics is the book to read. I intend to recommend it to all of my students. Professor Buechner presents a comprehensive theory of prices demonstrating how the economy is shaped by individual businessmen grasping and evaluating facts of reality. This is the first economics text to emphasize a central truth about economics: that the fundamental concept of economic thought is economic value. By placing value first and grasping its objective nature, Professor Buechner cuts through the convolutions of modern economics, and provides a solid grounding for issues such as exchange, price, supply, and demand. Students and professionals now have a starting point for economic thinking that is far superior to the 'scarcity' or 'distribution' models in most texts today. Professor Buechner presents a new theory of price in this book. A lifelong admirer of Ayn Rand, he has built his theory on her philosophy of Objectivism and created an original conception of the economy and how it works. His book is written for the economist or noneconomist, particularly those who always thought 'I just can't understand economics.' After 40 years as an economic consultant, I wish I had had this book to read when I began my career.