Ayn Rand couldn't be more wrong

The current economic crisis profoundly refutes Ayn Rand's philosophy. Clearly, Adam Smith was right when he wrote in "The Wealth of Nations" that if markets and individual pursuit of self-interest are to generate social benefits, government regulations are crucial to prevent economic players from abusing their power and undermining the freedom of others. Further, contrary to Ayn Rand's view, the individual pursuit of material self-interest is ultimately self-defeating. Consider what the world reknown ethicist Peter Singer wrote in his enlightening book "How are we to live?" "If we continue to conceive of our own interests in materilaist terms, then the collective impact each of us has in pursuing our individual self-interest will ensure the failure of all our attempts to advance those interests." It is when individuals strive to serve the common good that individual self-interest is best realized, resulting in a win-win situation for all. It is for good reason that all prosperous Western liberal democracies have strict government regulations and comparatively high taxes in order to pay for social and welfare programs to enhance social justice and help unfortunates just like this country did before the conservatives gained power and transformed it from a prosperous city on a shining hill into a society based on individual self-interest and excessive consumerism. Altruism is good for the economy and ultimately enriches all, whereas greed and selfishness lead to an ineffective and inefficient economy and a declining standard of living for everybody. Ayn Rand couldn't have been more wrong.

Lanlan Hoo

Wheaton