I read this book waaaay back when I was a Junior in college, and with my socialist leanings at the time thought it was interesting but irrelevant, and as another poster here said, should be put into the Fantasy section of the library.
Now, I see its relevance. (as Keynes said when questioned as to why he changed his mind…”When I get new information, I change. What do you do Sir?” (paraphrased)).
Incentives are powerful, and are blissfully ignored by politicians, and touted by economists, at least conservative ones. The title “Atlas Shrugged” refers to the collapse of capitalism as the engine of progress, invention, and increasing material well-being as it it beseiged by bigger and bigger government, regulations, taxation, and well-meaning do-gooders who end up doing more damage than good.
Ayn Rand was deeply flawed in many ways, and the book is limited as a piece of literature. Rand was super selfish, and did not believe much in private charity–unlike most conservatives who claim that private charity would replace many government programs if they were eliminated and taxes lowered accordingly. She also dated Alan Greenspan when he was very young. (I used to wake up my dozing students in the last row with that factoid.)Scary–maybe that had something to do with his belief that all would be OK with housing finance if regulators just got out of the way.
The enduring popularity of the book and the fact that it is now a movie tells us something about its enduring argument. Her prediction has increasing relevance now that the economy is sputtering despite so much Keynesian monetary and fiscal stimulus being thrown at it. She’s looking down now at us (or maybe up!) saying I Told You So!
