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Economics (part 1): The Nature of Economics, Wealth and the Division of Labor

Brian P. Simpson

Presented at: OCON 2007

Date: Jul 06, 2007

In Objectivism: The Philosophy of Ayn Rand, Leonard Peikoff says capitalism is perishing because of a lack of a rational philosophy, not because of a lack of knowledge of economics. Given this, why should Objectivists study economics? One reason is that knowledge of economics can be integrated with Objectivist moral philosophy to strengthen one's ability to defend capitalism.

This course is a multi-part course on economics. Some of the questions that will be answered in part 1 include: Is economics the science of scarcity and choice or the science of wealth creation? What is the difference between wealth and money? How does the division of labor increase productivity?

This course is equivalent to the basic undergraduate economics courses offered at universities, except this course is taught from an Objectivist perspective. It refutes many fallacies taught at the universities and also demonstrates why it is important to have an understanding of economics.

Part 2 of this talk was delivered at OCON 2010

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Parts: 3

Handout: none


  • CD, 2007 (En) - 264 mins - 6 CD set