Ayn Rand and Austrian Economics: Two Peas in a Pod
The Journal of Ayn Rand Studies, Vol. 6, No. 2, Spring 2005
12 Pages Posted: 8 Jul 2011
Date Written: July 6, 2011
At first glance, there is good and sufficient reason to criticize any attempt to link Ayn Rand and Austrian economics, such as is attempted in the present collection of essays. After all, the school of thought founded by this novelist and philosopher is non-controversially called "Objectivism," while the Austrian or Praxeological School of economics-epitomized in the works of Ludwig von Mises and Murray N. Rothbard-is well known as the "Subjectivist School." But the polar opposites implied by these appellations are more apparent than real. For while "objectivism" for Rand meant an insistence on objective reality, "subjectivism" for the Austrians has nothing to do with its rejection. Rather, Austrian subjectivism focuses on the claim that consumer tastes are subjective, and that prices reflect this phenomenon.
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