On the other hand, for well-adjusted folks, taking the book literally, is a recipe for overcompensating.
In a well regulated capitalist environment, those drives are yoked in a way that the paths through which you become rich and powerful and sexy are the same paths through which you improve the lives of others around you.
In a poorly regulated one you get dupont and enron, but show me a silver-bullet government theory and I'll show you an unrealistic fantasy.
>A mindset of "greed is good" and "it's okay to be self" does not even try to understand the difference between "need" and "want"
You're assigning that. Honestly I don't think most of Ayn Rand's critics have read her books.
What could exist is a world based on economic democracy, where no one becomes rich or powerful and everyone has to work together because society is structured to prevent anyone from taking power for themselves.
An economy where the stock corporation is replaced by the worker cooperative -- still an independent business operating in a free market of goods and services, but governed democratically by its workers -- would be much closer to that reality. No one would be able to amass much personal power. And any power amassed would always be held in check by the democratic structures that granted it. A world like that would do a much better job of preventing the accumulation of personal wealth way beyond need.
I think the closest to this, in current practice, is the German model, where workers have at least a say in the direction of their enterprises (not sure about ownership). It seems to be working out really well for them.
Namely, that people tend not to think for themselves and slavishly follow social convention for no reason. Not for things like, "should I take all this money?" But rather for things like, Does doing this thing actually bring meaning and joy into my life? Or, Do I actually find deep value and beauty in consuming this media? Or noticing how often we adopt opinions of others for our own, without reflecting on whether or not we actually agree, and whether or not we actually care about what this other person thinks.
And then apply these thoughts to your own creative potential. How often have we not created something because others would not have appreciated it or preferred it another way? When was the last time we did something without consensus or approval, on our own, because we wanted to? How many things are we hanging on to because that's what everyone else does and we don't want to be cast out?
Much of Bhuddist thought addresses the same concepts, but the goal is reduction of suffering.
What is the difference between "need" and "want" and why is that difference important?
So it's like a reactionary book ... it's existence might makes sense in historical context.
Though not a fan myself.
It's not okay to be greedy, nor is it okay to be selfish. And these ideas are responsible for much of the harm in the world.
It is okay to know what you need and advocate for your needs, to take care of yourself. But that is not being greedy or selfish. And to do it effectively means you have to be able to recognize the difference between a "need" and a "want". You also have to be capable of balancing your own needs against the needs of others.
A mindset of "greed is good" and "it's okay to be self" does not even try to understand the difference between "need" and "want" and provides ample justification for screwing over everyone else in pursuit of greedy (unneeded) wants.