If your definition of a "modern classic" is a book which still sells briskly in both soft- and hard-cover editions a quarter-century after its publication, which deals with serious issues in a serious way, and which continues to stir up controversy as each succeeding generation discovers it, then—better brace yourself—Atlas Shrugged fills the bill. Sure, it's a preposterous book; sure, the reviewers demolished it; sure, virtually every reputable conservative from Russell Kirk to Frank Meyer rushed to repudiate it. Indeed, there aren't very many bad things to be said about Atlas Shrugged that aren't true. No novel of comparable quality has ever been so tenacious in its hold on the public, give or take Gone with the Wind….

Rumor has it that Ayn Rand herself was, at the time of her death, hot at work on the script for a ten-hour Atlas Shrugged TV mini-series; and...