In fact, any editor certainly would cut the Bible, if an agent submitted it as a new work of fiction. But Cerf offered Rand an alternative: if she gave up 7 cents per copy in royalties, she could have the extra paper needed to print Galt’s oration. That she agreed is a sign of the great contradiction that haunts her writing and especially her life. Politically, Rand was committed to the idea that capitalism is the best form of social organization invented or conceivable. This was, perhaps, an understandable reaction against her childhood experience of Communism. Born in 1905 as Alissa Rosenbaum to a Jewish family in St. Petersburg, she was 12 when the Bolsheviks seized power, and she endured the ensuing years of civil war, hunger and oppression. By 1926, when she came to live with relatives in the United States and changed her name, she had become a relentless enemy of every variety of what she denounced as “collectivism,” from Soviet Communism to the New Deal. Even Republicans weren’t immune: after Wendell Willkie’s defeat in 1940, Rand helped to found an organization called Associated Ex-Willkie Workers Against Willkie, berating the candidate as “the guiltiest man of any for destroying America, more guilty than Roosevelt.”

Yet while Rand took to wearing a dollar-sign pin to advertise her love of capitalism, Heller makes clear that the author had no real affection for dollars themselves. Giving up her royalties to preserve her vision is something that no genuine capitalist, and few popular novelists, would have done. It is the act of an intellectual, of someone who believes that ideas matter more than lucre. In fact, as Heller shows, Rand had no more reverence for the actual businessmen she met than most intellectuals do. The problem was that, according to her own theories, the executives were supposed to be as creative and admirable as any artist or thinker. They were part of the fraternity of the gifted, whose strike, in “Atlas Shrugged,” brings the world to its knees.

Image Ayn Rand in Manhattan in 1957. Credit... Allyn Baum/The New York Times

Rand’s inclusion of businessmen in the ranks of the Übermenschen helps to explain her appeal to free-marketeers — including Alan Greenspan — but it is not convincing. At bottom, her individualism owed much more to Nietzsche than to Adam Smith (though Rand, typically, denied any influence, saying only that Nie­tzsche “beat me to all my ideas”). But “Thus Spoke Zarathustra” never sold a quarter of a million copies a year.

Rand’s potent message could lead to intoxication and even to madness, as the second half of her life showed. In 1949, Rand was living with her husband, a mild-mannered former actor named Frank O’Connor, in Southern California, in a Richard Neutra house. Then she got a fan letter from a 19-year-old college freshman named Nathan Blumenthal and invited him to visit. Rand, whose books are full of masterful, sexually dominating heroes, quickly fell in love with this confused boy, whom she decided was the “intellectual heir” she had been waiting for.

The decades of psychodrama that followed read, in Heller’s excellent account, like “Phèdre” rewritten by Edward Albee. When Blumenthal, who changed his name to Nathaniel Branden, moved to New York, Rand followed him; she inserted herself into her protégé’s love life, urging him to marry his girlfriend; then Rand began to sleep with Branden, insisting that both their spouses be kept fully apprised of what was going on. Heller shows how the Brandens formed the nucleus of a growing group of young Rand followers, a herd of individualists who nicknamed themselves “the Collective” — ironically, but not ironically enough, for they began to display the frightening group-think of a true cult. One journalist Heller refers to wondered how Rand “charmed so many young people into quoting John Galt as religiously as ‘clergymen quote Matthew, Mark, Luke and John.’ ”

Inevitably, it all ended in tears, when Branden fell in love with a young actress and was expelled from Rand’s circle forever. That he went on to write several best-­selling books of popular psychology “and earned the appellation ‘father of the self-esteem movement’ ” is the kind of finishing touch that makes truth stranger than fiction. For if there is one thing Rand’s life shows, it is the power, and peril, of unjustified self-esteem.