When grounded on the right foundations Richard Salsman shows why economics is an objective science.
“Economist Jean-Baptiste Say and philosopher Ayn Rand had a lot in common. Both embraced Aristotle’s principle that human knowledge is derived inductively, by means of observation and logic. Both saw rational thinking and productive work as prerequisites for human flourishing. And both were revolutionaries in their fields.
“In this lecture, Richard Salsman examines and integrates key principles of Say’s and Rand’s respective systems. In grasping these ideas and making the integrations yourself, you can achieve a deeper understanding of both economics and philosophy—and, consequently, a greater capacity to achieve your goals and to protect individual rights. The integrations will also enable you to understand (or better understand) how and why economics, properly understood, is an objective science.”
Dr. Salsman is president of InterMarket Forecasting, Inc., an assistant professor of political economy at Duke University and a senior fellow at the American Institute for Economic Research. Previously he was an economist at Wainwright Economics, Inc. and a banker at the Bank of New York and Citibank. Dr. Salsman has authored three books: Breaking the Banks: Central Banking Problems and Free Banking Solutions (AIER, 1990), Gold and Liberty (AIER, 1995), and The Political Economy of Public Debt: Three Centuries of Theory and Evidence (Edward Elgar Publishing, 2017). In 2021 his fourth book – Where Have all the Capitalist Gone? – will be published by the American Institute for Economic Research. He is also author of a dozen chapters and scores of articles. His work has appeared in the Georgetown Journal of Law and Public Policy, Reason Papers, the Wall Street Journal, the New York Times, Forbes, the Economist, the Financial Post, the Intellectual Activist, and The Objective Standard. Dr. Salsman earned his B.A. in economics from Bowdoin College (1981), his M.A. in economics from New York University (1988), and his Ph.D. in political economy from Duke University (2012). His personal website is richardsalsman.com.
In a free market, within the limit of his abilities, each person chooses that job which he believes offers him the best combination of money and nonmonetary considerations. In so doing, he simultaneously acts for his own maximum well-being and for that of the consumers who buy the ultimate products his labor helps to produce.
The prerequisite for more economic equality in the world is industrialization. And this is possible only through increased capital investment, increased capital accumulation. You may be astonished that I have not mentioned a measure which is considered a prime method...
