Every action that people would logically take in their rational self-interest to protect themselves from deflation would just make the deflation worse.

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Economists, psychologists and historians of science all tell us (and I am inclined to believe them) that we act within our rational self-interest.

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They donned earplugs and acted in their own rational self-interest.

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Behavioral economics calls into question the central assumption of classical economics: that individuals are rational actors who seek to maximize their self-interest.

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Two centuries before Rand arrived on the scene, Adam Smith had already written The Wealth of Nations, a powerful treatise demonstrating why self-interest offers a more secure foundation for a rational society than a selfless dedication to the common good.

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Rand also noted that only an ethic of rational selfishness can justify the pursuit of profit that is the basis of capitalism -- and that so long as self-interest is tainted by moral suspicion, the profit motive will continue to take the rap for every imaginable (or imagined) social ill and economic disaster.

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