Ayn Rand's lecture discusses the philosophical concept of essence, contrasting objectivism with mainstream philosophy, and critiques altruism, emphasizing individual self-interest. She argues that moral systems are divided between egoism and altruism, with disastrous consequences of collectivist morality, as exemplified by Nazi and communist ideologies. Rand asserts that ethics must promote individual survival and well-being, rejecting both subjectivism and intrinsicism while advocating for a rational understanding of morality rooted in the choice to live.