Objectivism is a philosophical system developed by Ayn Rand in the mid-20th century. It emphasizes rational self-interest, individualism, and the pursuit of one's own happiness as the highest moral purpose. Objectivists believe that reality exists independently of consciousness and that knowledge is gained through reason and observation. In economics, Objectivism advocates for laissez-faire capitalism, arguing that free markets lead to the best outcomes for society. It opposes collectivism and government intervention, asserting that individuals should be free to act according to their own judgment and values, as long as they do not infringe on the rights of others.