Atlas Shrugged: What Happens When Producers & Giants Leave? - Free Essay

Atlas Shrugged tells the story of what happens to a society when its most productive and competent members disappear (Younkins, 25). These individuals include wealthy producers and giants with a strong economic impact on society. They are innovative people responsible for wealth creation and success for others (Hudgins, 1). However, government regulations and tax increases that seem unfavorable to these people force them to quit or disappear. They may also lose interest in any culture that doubts their competence and productivity (Hudgins, 1). This sudden disappearance of the most productive members is based on the principle that self-esteem people will neither tolerate slavery nor allow unjust guilt for their success and virtues. Instead, they will flee or quit their operations to avoid interference. According to Rand (225), this statement was fiction, but it prophesized such an event in the future. However, since the novel was published, economies have witnessed many productive people disappearing or retiring to avoid persecution or exploitation.

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Today, a similar situation can be found in the United States, where physicians retire early. A recent report by the American Medical Association shows that close to 30% of physicians retire between the age of 60 and 65, and nearly 12% retire before 60 (Hudgins, 1). To some extent, the early retirement of these medical professionals is caused by the government regulations that have forced them to treat patients who are unable to clear hospital bills, limiting their ability to collect their dues for the services rendered (Hudgins, 1). Arguably, doctors work hard to acquire the best skills everyone can admire, but the government interferes with their compensation by allowing patients to demand free services.

In other cases, doctors suffer at the hands of lawyers who threaten them with fake lawsuits (Hudgins, 1). No death increase caused by physician incompetence has been recorded in the past years. But, since the system encourages individuals with big pockets to loot, doctors have faced undue fines and increased rates that insurance agencies charge to cover such costs (Hudgins, 1). Physicians contribute to economic growth in many ways. Firstly, an adequate number of physicians may keep people healthy, which raises employees' productivity and allows them to return to work quickly (Reilly, 2).

Secondly, many physicians' existence in the market area leads to supplier-induced demand (SID) (Reilly, 2). The SID keeps employees off work for an extended period, thus, affecting economic growth. More importantly, they create jobs, purchase goods and services, and support public programs through tax revenues. In the US, physicians make far more overall economic output than other sectors such as the legal service industry and higher education. Estimates show that physicians directly contribute $2.3 trillion to America's economy and support almost 12.6 million jobs (American Medical Association, 1). Early retirement or their disappearance may hurt the national economy.

A similar situation predicted by Rand has also occurred in many countries throughout the world Due to the COVID-19 pandemic. This epidemic has forced many governments to implement a stay-at-home order aimed at reducing COVID-19. This regulation will send doctors and other wealth creators to early retirement. In Latin America, Millionaires plan to relocate to other countries due to the attempt of the government to raise taxes on them in an attempt to raise funds used to fight the COVID-19 pandemic (Bloomberg Tax, 1). Some families are ready to move to Portugal, whereas others Uruguay and Panama, which they believe have a fair system.

Other rich people are planning to move to Mexico, Argentina, Chile, and Brazil. According to Bloomberg Tax (2020), the wealthy tend to think that the country is no longer favorable for them when wealth taxes increase and legal certainty is undermined. The interest in relocating comes as the COVID-19 pandemic mounts a huge difference between the rich and the poor (Bloomberg Tax, 1). As governments struggle with surging COVID-19 costs, politicians in Brazil, Peru, Argentina, and Chile discuss measures to target the wealthy to boost revenue.

Conclusion

In conclusion, increased government taxes and regulations are the primary causes of the disappearance of productive and competent members of society, according to Ayn Rand’s novel, Atlas Shrugged. These individuals have a substantial impact on the nation's economy. If the government implements regulations that do not favor them, they will likely leave the country for other welcoming economies. A situation where physicians go for early retirement due to government regulations is one of the many cases prophesized by Rand. Another current situation has occurred in Latin America, Millionaires plan to relocate to other countries due to the attempt of the government to raise taxes on them in an attempt to raise funds used to fight the COVID-19 pandemic. Therefore, the government should understand the contribution of productive and competent individuals to the economy and find a solution to stop their disappearance. Doing so will retain productive and competent members so that they can continue to grow the economy.

Work Cited

American Medical Association. 19 January 2018. 1 September 2020 <https://www.ama-assn.org/practice-management/economics/economy-gets-bigger-boost-doctors-lawyers-higher-ed#:~:text=Overall%2C%20the%20research%20found%20physicians,for%20nearly%2012.6%20million%20jobs.>.

Bloomberg Tax. 30 June 2020. 1 September 2020 <https://news.bloombergtax.com/daily-tax-report-international/millionaires-fearing-latin-americas-hunt-for-revenue-eye-moving>.

Hudgins, Edward. The Atlas Society. 8 January 2011. 1 September 2020 <https://atlassociety.org/commentary/commentary-blog/4250-atlas-shrugged-as-prophecy>.

Rand, Ayn. Atlas shrugged. New York: Penguin, 2005.

Reilly, Mary. "Do physicians contribute to economic growth? An empirical analysis." (2012): 1-45.

Younkins, Edward W. Ayn Rand's Atlas shrugged: a philosophical and literary companion. Abingdon: Routledge, 2016.