objeco

Save The Republic

  Save the Republic By M. Northrup Buechner [This article was originally published on line by Forbes.com on November 18, 2013, with the title “Obama’s Disdain For The Constitution Means We Risk Losing Our Republic.” This version is slightly revised.] Since President Obama signed the Affordable Care Act into law, he has changed it six […]

Teleological Measurement

The Theory of Consumer Choice IV TELEOLOGICAL MEASUREMENT By M. Northrup Buechner September 18, 2013 Another in a series of essays elaborating Objective Economics: How Ayn Rand’s Philosophy Changes Everything about Economics by the author. My last blog defined a hierarchy of values as the ranking in one’s mind of a series of items, ranked […]

The Theory of Consumer Choice III

The Theory of Consumer Choice III By M. Northrup Buechner July 31, 2013 Another in a series of essays elaborating Objective Economics: How Ayn Rand’s Philosophy Changes Everything about Economics by the author. I concluded my last blog by saying that a valid theory of consumer choice requires the concept of “a hierarchy of values.” […]

The Theory of Consumer Choice II

The Theory of Consumer Choice II By M. Northrup Buechner July 23, 2013 Another in a series of essays elaborating Objective Economics: How Ayn Rand’s Philosophy Changes Everything about Economics by the author. Summing up from last time: Modern economists view the consumer as the primary force of the economy for two related and mistaken […]

The Theory of Consumer Choice I

The Theory of Consumer Choice I By M. Northrup Buechner July 17, 2013 Another in a series of essays elaborating Objective Economics: How Ayn Rand’s Philosophy Changes Everything about Economics by the author. The theory of consumer choice is the theory of how consumers decide what to buy and what not to buy. In advanced […]

MARGINALISM VIII

MARGINALISM VIII By M. Northrup Buechner June 30, 2013 Another in a series of essays elaborating Objective Economics: How Ayn Rand’s Philosophy Changes Everything about Economics by the author. The standard interpretation of the diminishing marginal value of money (DMVM) is that, as we get additional money, we work our way down our hierarchy of […]

MARGINALISM VII

MARGINALISM VII By M. Northrup Buechner June 24, 2013 Another in a series of essays elaborating Objective Economics: How Ayn Rand’s Philosophy Changes Everything about Economics by the author. I concluded my last post with: “next time we will take up what I think is the truth about why and how people decide what to […]

Marginalism VI

Marginalism VI By M. Northrup Buechner June 8, 2013 Another in a series of essays elaborating Objective Economics: How Ayn Rand’s Philosophy Changes Everything about Economics by the author. Last time we saw that the law of utility is limited by the fact that most of the things that people acquire are not identical. We […]

Marginalism V

Marginalism V By M. Northrup Buechner June 1, 2013 Another in a series of essays elaborating Objective Economics: How Ayn Rand’s Philosophy Changes Everything about Economics by the author. [Apologies for the long hiatus. I have been out of the country giving a paper at an economics conference.] Marginalism and subjectivism are completely integrated and […]

Marginalism IV

Marginalism IV By M. Northrup Buechner May 13, 2013 Another in a series of essays elaborating Objective Economics: How Ayn Rand’s Philosophy Changes Everything about Economics by the author. Now, let us see what is wrong with the subjectivist conception of the economy. There are three fundamental errors. 1) The subjectivists claim that consumer preferences […]