Rand’s philosophy contradicts her economics.
Rand’s philosophy has strict rules about what is true. Here are some quotes from her philosophy. She has a unique vocabulary. The word “existent” means “a real thing”. The phrase “observed existents” means “the real things you saw”. Quote:
“Truth is the identification of a fact of reality.iii
“… truth vs. falsehood … By what method is truth discovered and validated? … The content of the concept … the characteristics of the existents … must be discovered and validated by observation.iv
“… concepts represent classifications of observed existents…v
“Concepts represent classifications of the known facts of reality.vi”
Logically, according to her premises; if capitalism has never existed, then capitalism is not a fact of reality and Rand’s concept of capitalism cannot be true. If capitalism is unknown, then capitalism cannot be recognized, identified, classified or validated and Rand’s concept of capitalism cannot be true.
Therefore, Rand’s concept of capitalism is false according to the criteria of her philosophy.
iCapitalism: The Unknown Ideal, Title
iiThe Objectivist Ethics, Pg. 33
iiiIntroduction to Objectivist Epistemology, The Analytic/Synthetic Dichotomy Pg.158
ivIntroduction to Objectivist Epistemology, The Analytic/Synthetic Dichotomy, Pg 136
vIntroduction to Objectivist Epistemology, The Analytic/Synthetic Dichotomy, Pg 131
viIntroduction to Objectivist Epistemology, Definitions, Pg 62