An excerpt from
Ayn Rand and Economics
Published in The Objectivist Forum, August 1982

“…Economics differs from the other social sciences in that economics studies man in the production and exchange of economic values (goods and services). “Economic value,” or “value” for short, is the fundamental concept of economics, the concept at the base of all the other concepts, problems, and phenomena that are distinctively economic.”

“A rational epistemology is crucial [to economics] because epistemology ultimately determines every science’s methodology, and a science’s methodology is the means to its content. An improper methodlogy must cause disaster, and the disastrous state of modern economics has precisely that as a fundamental cause. The methodlogy of modern economics incorporates just about every irrational epistemological doctrine that modern philosophy has turned out.”